Bill > HB5556

This bill amends the Statewide Innovation Development and Economy Act to create "New Opportunities for Vacation and Adventure Urban Districts," or NOVA urban districts, which are a specific type of STAR bond district (STAR bonds are sales tax and revenue bonds used to finance development projects). To be certified as a NOVA urban district, a project must meet significant capital investment (at least $1 billion, with 75% for infrastructure), annual gross sales (at least $450 million), visitor attraction (at least 2 million annually), and job creation (at least 3,000 annually) requirements, and these districts have different eligibility criteria and higher reimbursement limits compared to other STAR bond districts. The bill also amends the Property Tax Code to create the Megaproject Assessment Freeze and Payment Law, which allows properties that receive a megaproject certificate from the Department of Commerce and Economic Opportunity (DCEO) to have their property tax assessment frozen at the base year valuation for an "incentive period," provided they meet substantial investment and job creation thresholds, enter into an incentive agreement with local taxing districts, and adhere to other requirements, thereby offering significant property tax relief for large-scale development projects.