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Amends the Property Tax Code. Provides that property certified by the Department of Revenue as mega project property is eligible for an assessment freeze. Provides that, if property is certified as mega project property, then, during the incentive period, the value added to the property by the project shall not be considered for assessment purposes, and the total valuation of the property during the incentive period shall be limited to the base year valuation. Provides that "mega project" means a project that satisfies certain minimum investment, investment period, and other requirements. Contains provisions concerning incentive agreements between a company that plans to undertake a mega project and a local municipality obligating the company to make special payments in addition to property taxes. Effective June 1, 2025.
Introduced
Feb 6, 2025
Last Action
Feb 26, 2026
Session
IL 104th
Sponsors
1 primary · 6 co
To Tax Credit and Incentives Subcommittee
Added Co-Sponsor Rep. Michelle Mussman
Assigned to Revenue & Finance Committee
Added Chief Co-Sponsor Rep. Tracy Katz Muhl
Added Co-Sponsor Rep. Dagmara Avelar
Added Co-Sponsor Rep. Daniel Didech
Added Chief Co-Sponsor Rep. Anthony DeLuca
Added Co-Sponsor Rep. Nicolle Grasse
Rule 19(a) / Re-referred to Rules Committee
To Tax Credit and Incentives Subcommittee
Assigned to Revenue & Finance Committee
Referred to Rules Committee
First Reading
Filed with the Clerk by Rep. Mary Beth Canty
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
To Tax Credit and Incentives Subcommittee