Illinois 2025-2026 Regular Session

Illinois House Bill HB2403 Compare Versions

Only one version of the bill is available at this time.

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1	1	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2403 Introduced , by Rep. Jay Hoffman SYNOPSIS AS INTRODUCED: See Index Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Provides that the Department of Commerce and Economic Opportunity may certify a taxpayer for an exemption from any State or local use tax or retailers' occupation tax on building materials that will be incorporated into real estate at a megaproject site. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that a retailer that makes a qualified sale of building materials to be incorporated into real estate at a megaproject site may deduct the receipts from such sales when calculating the taxes imposed by those Acts. Amends the Property Tax Code. Creates the Megaproject Assessment Freeze and Payment Law. Provides that a "megaproject" is a project that meets certain investment and job creation specifications. Provides that the megaproject property is eligible for an assessment freeze. Provides that megaproject property may be granted an abatement. Provides that a company that operates a megaproject shall enter into an agreement with the municipality in which the project is located and other local taxing districts to make certain special payments. Effective July 1, 2025. LRB104 09082 HLH 19138 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2403 Introduced , by Rep. Jay Hoffman SYNOPSIS AS INTRODUCED: See Index See Index Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Provides that the Department of Commerce and Economic Opportunity may certify a taxpayer for an exemption from any State or local use tax or retailers' occupation tax on building materials that will be incorporated into real estate at a megaproject site. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that a retailer that makes a qualified sale of building materials to be incorporated into real estate at a megaproject site may deduct the receipts from such sales when calculating the taxes imposed by those Acts. Amends the Property Tax Code. Creates the Megaproject Assessment Freeze and Payment Law. Provides that a "megaproject" is a project that meets certain investment and job creation specifications. Provides that the megaproject property is eligible for an assessment freeze. Provides that megaproject property may be granted an abatement. Provides that a company that operates a megaproject shall enter into an agreement with the municipality in which the project is located and other local taxing districts to make certain special payments. Effective July 1, 2025. LRB104 09082 HLH 19138 b LRB104 09082 HLH 19138 b A BILL FOR
2	2	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2403 Introduced , by Rep. Jay Hoffman SYNOPSIS AS INTRODUCED:
3	3	See Index See Index
4	4	See Index
5	5	Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Provides that the Department of Commerce and Economic Opportunity may certify a taxpayer for an exemption from any State or local use tax or retailers' occupation tax on building materials that will be incorporated into real estate at a megaproject site. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that a retailer that makes a qualified sale of building materials to be incorporated into real estate at a megaproject site may deduct the receipts from such sales when calculating the taxes imposed by those Acts. Amends the Property Tax Code. Creates the Megaproject Assessment Freeze and Payment Law. Provides that a "megaproject" is a project that meets certain investment and job creation specifications. Provides that the megaproject property is eligible for an assessment freeze. Provides that megaproject property may be granted an abatement. Provides that a company that operates a megaproject shall enter into an agreement with the municipality in which the project is located and other local taxing districts to make certain special payments. Effective July 1, 2025.
6	6	LRB104 09082 HLH 19138 b LRB104 09082 HLH 19138 b
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8	8	A BILL FOR
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10	10	HB2403 LRB104 09082 HLH 19138 b
11	11	1 AN ACT concerning revenue.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 3. The Department of Commerce and Economic
15	15	5 Opportunity Law of the Civil Administrative Code of Illinois
16	16	6 is amended by adding Section 605-1118 as follows:
17	17	7 (20 ILCS 605/605-1118 new)
18	18	8 Sec. 605-1118. Megaproject building materials exemption.
19	19	9 (a) The Department may certify a taxpayer for an exemption
20	20	10 from any State or local use tax or retailers' occupation tax on
21	21	11 building materials that will be incorporated into real estate
22	22	12 at a megaproject site. The taxpayer must meet all of the
23	23	13 criteria for certification set forth in Division 22 of Article
24	24	14 10 of the Property Tax Code. This certification is in addition
25	25	15 to and does not replace or amend the megaproject certificate
26	26	16 under Division 22 of Article 10 of the Property Tax Code. The
27	27	17 Department shall not issue exemptions under this Section after
28	28	18 December 31, 2031.
29	29	19 (b) The Department shall determine the period during which
30	30	20 the exemption from State and local use taxes and retailers'
31	31	21 occupation taxes is in effect, but in no event shall the
32	32	22 initial period exceed 10 years. The certificate may be renewed
33	33	23 for a period not to exceed 5 years. Upon certification by the
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37	37	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2403 Introduced , by Rep. Jay Hoffman SYNOPSIS AS INTRODUCED:
38	38	See Index See Index
39	39	See Index
40	40	Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Provides that the Department of Commerce and Economic Opportunity may certify a taxpayer for an exemption from any State or local use tax or retailers' occupation tax on building materials that will be incorporated into real estate at a megaproject site. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that a retailer that makes a qualified sale of building materials to be incorporated into real estate at a megaproject site may deduct the receipts from such sales when calculating the taxes imposed by those Acts. Amends the Property Tax Code. Creates the Megaproject Assessment Freeze and Payment Law. Provides that a "megaproject" is a project that meets certain investment and job creation specifications. Provides that the megaproject property is eligible for an assessment freeze. Provides that megaproject property may be granted an abatement. Provides that a company that operates a megaproject shall enter into an agreement with the municipality in which the project is located and other local taxing districts to make certain special payments. Effective July 1, 2025.
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43	43	A BILL FOR
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68	68	1 Department under this Section, the Department shall notify the
69	69	2 Department of Revenue of the certification. The exemption
70	70	3 status shall take effect within 3 months after certification
71	71	4 of the taxpayer and notice to the Department of Revenue by the
72	72	5 Department.
73	73	6 (c) If the Department determines, in accordance with the
74	74	7 Administrative Review Law and the Illinois Administrative
75	75	8 Procedure Act, that the taxpayer is not in compliance with
76	76	9 Division 22 of Article 10 of the Property Tax Code, the
77	77	10 Department shall revoke the certification under this Section
78	78	11 by written notice to the taxpayer. The Department shall
79	79	12 transmit a copy of the revocation to the Department of
80	80	13 Revenue. If the taxpayer's certification is revoked, the
81	81	14 taxpayer must repay any exempted amount of State or local use
82	82	15 tax or retailers' occupation tax.
83	83	16 (d) The Department may adopt rules as are reasonable and
84	84	17 necessary to implement the provisions of this Section.
85	85	18 Section 5. The Use Tax Act is amended by changing Section
86	86	19 12 as follows:
87	87	20 (35 ILCS 105/12) (from Ch. 120, par. 439.12)
88	88	21 Sec. 12. Applicability of Retailers' Occupation Tax Act
89	89	22 and Uniform Penalty and Interest Act. All of the provisions of
90	90	23 Sections 1d, 1e, 1f, 1i, 1j, 1j.1, 1k, 1m, 1n, 1o, 2-6, 2-12,
91	91	24 2-28, 2-29, 2-54, 2a, 2b, 2c, 3, 4 (except that the time
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102	102	1 limitation provisions shall run from the date when the tax is
103	103	2 due rather than from the date when gross receipts are
104	104	3 received), 5 (except that the time limitation provisions on
105	105	4 the issuance of notices of tax liability shall run from the
106	106	5 date when the tax is due rather than from the date when gross
107	107	6 receipts are received and except that in the case of a failure
108	108	7 to file a return required by this Act, no notice of tax
109	109	8 liability shall be issued on and after each July 1 and January
110	110	9 1 covering tax due with that return during any month or period
111	111	10 more than 6 years before that July 1 or January 1,
112	112	11 respectively), 5a, 5b, 5c, 5d, 5e, 5f, 5g, 5h, 5j, 5k, 5l, 5m,
113	113	12 5n, 7, 8, 9, 10, 11 and 12 of the Retailers' Occupation Tax Act
114	114	13 and Section 3-7 of the Uniform Penalty and Interest Act, which
115	115	14 are not inconsistent with this Act, shall apply, as far as
116	116	15 practicable, to the subject matter of this Act to the same
117	117	16 extent as if such provisions were included herein.
118	118	17 (Source: P.A. 102-700, eff. 4-19-22; 103-9, eff. 6-7-23;
119	119	18 103-595, eff. 6-26-24.)
120	120	19 Section 10. The Service Use Tax Act is amended by changing
121	121	20 Section 12 as follows:
122	122	21 (35 ILCS 110/12) (from Ch. 120, par. 439.42)
123	123	22 Sec. 12. Applicability of Retailers' Occupation Tax Act
124	124	23 and Uniform Penalty and Interest Act. All of the provisions of
125	125	24 Sections 1d, 1e, 1f, 1i, 1j, 1j.1, 1k, 1m, 1n, 1o, 2-6, 2-12,
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136	136	1 2-28, 2-29, 2-54, 2a, 2b, 2c, 3 (except as to the disposition
137	137	2 by the Department of the money collected under this Act), 4
138	138	3 (except that the time limitation provisions shall run from the
139	139	4 date when gross receipts are received), 5 (except that the
140	140	5 time limitation provisions on the issuance of notices of tax
141	141	6 liability shall run from the date when the tax is due rather
142	142	7 than from the date when gross receipts are received and except
143	143	8 that in the case of a failure to file a return required by this
144	144	9 Act, no notice of tax liability shall be issued on and after
145	145	10 July 1 and January 1 covering tax due with that return during
146	146	11 any month or period more than 6 years before that July 1 or
147	147	12 January 1, respectively), 5a, 5b, 5c, 5d, 5e, 5f, 5g, 5j, 5k,
148	148	13 5l, 5m, 5n, 6d, 7, 8, 9, 10, 11 and 12 of the Retailers'
149	149	14 Occupation Tax Act which are not inconsistent with this Act,
150	150	15 and Section 3-7 of the Uniform Penalty and Interest Act, shall
151	151	16 apply, as far as practicable, to the subject matter of this Act
152	152	17 to the same extent as if such provisions were included herein.
153	153	18 (Source: P.A. 102-700, eff. 4-19-22; 103-9, eff. 6-7-23;
154	154	19 103-595, eff. 6-26-24.)
155	155	20 Section 15. The Service Occupation Tax Act is amended by
156	156	21 changing Section 12 as follows:
157	157	22 (35 ILCS 115/12) (from Ch. 120, par. 439.112)
158	158	23 Sec. 12. All of the provisions of Sections 1d, 1e, 1f, 1i,
159	159	24 1j, 1j.1, 1k, 1m, 1n, 1o, 2-6, 2-12, 2-28, 2-29, 2-54, 2a, 2b,
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170	170	1 2c, 3 (except as to the disposition by the Department of the
171	171	2 tax collected under this Act), 4 (except that the time
172	172	3 limitation provisions shall run from the date when the tax is
173	173	4 due rather than from the date when gross receipts are
174	174	5 received), 5 (except that the time limitation provisions on
175	175	6 the issuance of notices of tax liability shall run from the
176	176	7 date when the tax is due rather than from the date when gross
177	177	8 receipts are received), 5a, 5b, 5c, 5d, 5e, 5f, 5g, 5j, 5k, 5l,
178	178	9 5m, 5n, 6d, 7, 8, 9, 10, 11, and 12 of the Retailers'
179	179	10 Occupation Tax Act which are not inconsistent with this Act,
180	180	11 and Section 3-7 of the Uniform Penalty and Interest Act shall
181	181	12 apply, as far as practicable, to the subject matter of this Act
182	182	13 to the same extent as if such provisions were included herein.
183	183	14 (Source: P.A. 102-700, eff. 4-19-22; 103-9, eff. 6-7-23;
184	184	15 103-595, eff. 6-26-24; 103-605, eff. 7-1-24.)
185	185	16 Section 20. The Retailers' Occupation Tax Act is amended
186	186	17 by adding Section 2-28 as follows:
187	187	18 (35 ILCS 120/2-28 new)
188	188	19 Sec. 2-28. Megaproject building materials exemption.
189	189	20 (a) Each retailer that makes a qualified sale of building
190	190	21 materials to be incorporated into real estate at a megaproject
191	191	22 site certified by the Department of Commerce and Economic
192	192	23 Opportunity under Section 605-1115 of the Department of
193	193	24 Commerce and Economic Opportunity Law of the Civil
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204	204	1 Administrative Code of Illinois may deduct receipts from such
205	205	2 sales when calculating the tax imposed by this Act.
206	206	3 Megaproject Building Materials Exemption Certificates shall be
207	207	4 issued for an initial period not to exceed 10 years and can be
208	208	5 renewed for a period not to exceed 5 years.
209	209	6 (b) No retailer who is eligible for the deduction or
210	210	7 credit for a given sale under Section 5k of this Act related to
211	211	8 enterprise zones, Section 5l of this Act related to High
212	212	9 Impact Businesses, Section 5m of this Act related to REV
213	213	10 Illinois projects, or Section 5n of this Act related to MICRO
214	214	11 facilities shall be eligible for the deduction or credit
215	215	12 authorized under this Section for that same sale.
216	216	13 (c) A construction contractor or other entity shall not
217	217	14 make tax-free purchases unless it has an active Exemption
218	218	15 Certificate issued by the Department at the time of the
219	219	16 purchase.
220	220	17 (d) The megaproject administrator shall submit a request
221	221	18 to the Department for an initial certification or renewal of
222	222	19 the Megaproject Building Materials Exemption Certificate. Upon
223	223	20 request from the megaproject administrator, the Department
224	224	21 shall issue a Megaproject Building Materials Exemption
225	225	22 Certificate for each construction contractor or other entity
226	226	23 identified by the megaproject administrator. The Department
227	227	24 shall make the Megaproject Building Materials Exemption
228	228	25 Certificates available to each construction contractor or
229	229	26 other entity identified by the megaproject administrator and
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240	240	1 to the megaproject administrator. The request for Megaproject
241	241	2 Building Materials Exemption Certificates under this Section
242	242	3 must include the following information:
243	243	4 (1) the name and address of the construction
244	244	5 contractor or other entity;
245	245	6 (2) the name and location or address of the building
246	246	7 project site;
247	247	8 (3) the estimated amount of the exemption for each
248	248	9 construction contractor or other entity for which a
249	249	10 request for a Megaproject Building Materials Exemption
250	250	11 Certificate is made, based on a stated estimated average
251	251	12 tax rate and the percentage of the contract that consists
252	252	13 of materials;
253	253	14 (4) the period of time during which supplies for the
254	254	15 project are expected to be purchased; and
255	255	16 (5) other reasonable information as the Department may
256	256	17 require, including, but not limited to, FEIN numbers, to
257	257	18 determine if the contractor or other entity, or any
258	258	19 partner, corporate officer, or, in the case of a limited
259	259	20 liability company, any manager or member of the
260	260	21 construction contractor or other entity is or has been the
261	261	22 owner, partner, corporate officer, or, in the case of a
262	262	23 limited liability company, manager or member of a person
263	263	24 that is in default for moneys due to the Department under
264	264	25 this Act or any other tax or fee Act administered by the
265	265	26 Department.
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276	276	1 The Department, in its discretion, may require that the
277	277	2 request for a Megaproject Building Materials Exemption
278	278	3 Certificate be submitted electronically. The Department may,
279	279	4 in its discretion, issue Exemption Certificates
280	280	5 electronically.
281	281	6 (e) To document the exemption allowed under this Section,
282	282	7 the retailer must obtain from the purchaser the certification
283	283	8 required under this Section, which must contain the
284	284	9 Megaproject Building Materials Exemption Certificate number
285	285	10 issued to the purchaser by the Department. In addition, the
286	286	11 retailer must obtain certification from the purchaser that
287	287	12 contains:
288	288	13 (1) a statement that the building materials are being
289	289	14 purchased for incorporation into real estate located in a
290	290	15 megaproject site;
291	291	16 (2) the location or address of the real estate into
292	292	17 which the building materials will be incorporated;
293	293	18 (3) the name of the megaproject in which that real
294	294	19 estate is located;
295	295	20 (4) a description of the building materials being
296	296	21 purchased;
297	297	22 (5) the purchaser's Megaproject Building Materials
298	298	23 Exemption Certificate number issued by the Department; and
299	299	24 (6) the purchaser's signature and date of purchase.
300	300	25 (f) The Department shall issue the Megaproject Building
301	301	26 Materials Exemption Certificates within 3 business days after
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312	312	1 receipt of the request from the megaproject administrator.
313	313	2 This requirement does not apply if the Department, for
314	314	3 reasonable cause, is unable to issue the Exemption Certificate
315	315	4 within 3 business days. The Department may refuse to issue a
316	316	5 Megaproject Building Materials Exemption Certificate if the
317	317	6 owner, any partner, or a corporate officer, and in the case of
318	318	7 a limited liability company, any manager or member, of the
319	319	8 construction contractor or other entity is or has been the
320	320	9 owner, a partner, a corporate officer, and in the case of a
321	321	10 limited liability company, a manager or member, of a person
322	322	11 that is in default for moneys due to the Department under this
323	323	12 Act or any other tax or fee Act administered by the Department.
324	324	13 (g) The Megaproject Building Materials Exemption
325	325	14 Certificate shall contain:
326	326	15 (1) a unique identifying number that shall be designed
327	327	16 in such a way that the Department can identify from the
328	328	17 unique number on the Exemption Certificate issued to a
329	329	18 given construction contractor or other entity, the name of
330	330	19 the megaproject site and the construction contractor or
331	331	20 other entity to whom the Exemption Certificate is issued;
332	332	21 (2) the name of the construction contractor or entity
333	333	22 to whom the Exemption Certificate is issued;
334	334	23 (3) issuance date, effective date, and expiration
335	335	24 date; and
336	336	25 (4) language stating that, if the construction
337	337	26 contractor or other entity who is issued the Exemption
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348	348	1 Certificate makes a tax-exempt purchase, as described in
349	349	2 this Section, that is not eligible for exemption under
350	350	3 this Section or allows another person to make a tax-exempt
351	351	4 purchase, as described in this Section, that is not
352	352	5 eligible for exemption under this Section, then, in
353	353	6 addition to any tax or other penalty imposed, the
354	354	7 construction contractor or other entity is subject to a
355	355	8 penalty equal to the tax that would have been paid by the
356	356	9 retailer under this Act as well as any applicable local
357	357	10 retailers' occupation tax on the purchase that is not
358	358	11 eligible for the exemption.
359	359	12 (h) After the Department issues Exemption Certificates for
360	360	13 a given megaproject, the megaproject administrator may notify
361	361	14 the Department of additional construction contractors or other
362	362	15 entities that are eligible for a Megaproject Building
363	363	16 Materials Exemption Certificate. Upon receiving such a
364	364	17 notification and subject to the other provisions of this
365	365	18 Section, the Department shall issue a Megaproject Building
366	366	19 Materials Exemption Certificate to each additional
367	367	20 construction contractor or other entity so identified.
368	368	21 (i) A megaproject administrator may ask the Department to
369	369	22 rescind a Megaproject Building Materials Exemption Certificate
370	370	23 previously issued by the Department to a construction
371	371	24 contractor or other entity working at that certified
372	372	25 megaproject site if that Megaproject Building Materials
373	373	26 Exemption Certificate has not yet expired. Upon receiving such
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384	384	1 a request and subject to the other provisions of this Section,
385	385	2 the Department shall issue the rescission of the Megaproject
386	386	3 Building Materials Exemption Certificate to the construction
387	387	4 contractor or other entity identified by the megaproject
388	388	5 administrator and provide a copy of the rescission to the
389	389	6 construction contractor or other entity and to the megaproject
390	390	7 administrator.
391	391	8 (j) If the Department of Revenue determines that a
392	392	9 construction contractor or other entity that was issued an
393	393	10 Exemption Certificate under this Section made a tax-exempt
394	394	11 purchase, as described in this Section, that was not eligible
395	395	12 for exemption under this Section or allowed another person to
396	396	13 make a tax-exempt purchase, as described in this Section, that
397	397	14 was not eligible for exemption under this Section, then, in
398	398	15 addition to any tax or other penalty imposed, the construction
399	399	16 contractor or other entity is subject to a penalty equal to the
400	400	17 tax that would have been paid by the retailer under this Act as
401	401	18 well as any applicable local retailers' occupation tax on the
402	402	19 purchase that was not eligible for the exemption.
403	403	20 (k) Each contractor or other entity that has been issued a
404	404	21 Megaproject Building Materials Exemption Certificate under
405	405	22 this Section shall annually report to the Department the total
406	406	23 value of the Megaproject building materials exemption from
407	407	24 State taxes. Reports shall contain information reasonably
408	408	25 required by the Department to enable it to verify and
409	409	26 calculate the total tax benefits for taxes imposed by the
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420	420	1 State and shall be broken down by megaproject site. Reports
421	421	2 are due no later than May 31 of each year and shall cover the
422	422	3 previous calendar year. Failure to report data may result in
423	423	4 revocation of the Megaproject Building Materials Exemption
424	424	5 Certificate issued to the contractor or other entity. The
425	425	6 Department is authorized to adopt rules governing revocation
426	426	7 determinations, including the length of revocation. Factors to
427	427	8 be considered in revocations shall include, but are not
428	428	9 limited to, prior compliance with the reporting requirements,
429	429	10 cooperation in discontinuing and correcting violations, and
430	430	11 whether the certificate was used unlawfully during the
431	431	12 preceding year. The Department, in its discretion, may require
432	432	13 that the reports filed under this Section be submitted
433	433	14 electronically.
434	434	15 (l) The Department shall have the authority to adopt rules
435	435	16 as are reasonable and necessary to implement the provisions of
436	436	17 this Section.
437	437	18 (m) This Section is exempt from the provisions of Section
438	438	19 2-70.
439	439	20 (n) This exemption applies to the Use Tax Act, the Service
440	440	21 Use Tax Act, and the Service Occupation Tax Act and is
441	441	22 incorporated by reference in Section 12 of each of those
442	442	23 respective Acts.
443	443	24 (o) As used in this Section:
444	444	25 "Qualified sale" means a sale of building materials that
445	445	26 will be incorporated into real estate as part of a building
446	446
447	447
448	448
449	449
450	450
451	451	HB2403 - 12 - LRB104 09082 HLH 19138 b
452	452
453	453
454	454	HB2403- 13 -LRB104 09082 HLH 19138 b HB2403 - 13 - LRB104 09082 HLH 19138 b
455	455	HB2403 - 13 - LRB104 09082 HLH 19138 b
456	456	1 project for which a Megaproject Building Materials Exemption
457	457	2 Certificate has been issued to the purchaser by the
458	458	3 Department.
459	459	4 Section 25. The Property Tax Code is amended by adding
460	460	5 Division 22 to Article 10 and changing as follows:
461	461	6 (35 ILCS 200/Art. 10 Div. 22 heading new)
462	462	7 Division 22. Megaprojects
463	463	8 (35 ILCS 200/10-910 new)
464	464	9 Sec. 10-910. Megaproject Assessment Freeze and Payment
465	465	10 Law; definitions. This Division 22 may be cited as the
466	466	11 Megaproject Assessment Freeze and Payment Law.
467	467	12 As used in this Division:
468	468	13 "Assessment officer" means the chief county assessment
469	469	14 officer of the county in which the megaproject is located.
470	470	15 "Assessment period" means the period beginning on the
471	471	16 first day of the calendar year after the calendar year in which
472	472	17 a megaproject is placed in service and ending on the date when
473	473	18 the megaproject no longer qualifies as a megaproject under
474	474	19 this Division.
475	475	20 "Base tax year" means the tax year prior to the first
476	476	21 calendar year during which the Department issues a megaproject
477	477	22 certificate under this Division.
478	478	23 "Base year" means:
479	479
480	480
481	481
482	482
483	483
484	484	HB2403 - 13 - LRB104 09082 HLH 19138 b
485	485
486	486
487	487	HB2403- 14 -LRB104 09082 HLH 19138 b HB2403 - 14 - LRB104 09082 HLH 19138 b
488	488	HB2403 - 14 - LRB104 09082 HLH 19138 b
489	489	1 (1) the calendar year prior to the calendar year in
490	490	2 which the Department issues the megaproject certificate,
491	491	3 if the Department issues a megaproject certificate for a
492	492	4 project located on the property without granting
493	493	5 preliminary approval for the project pursuant to Section
494	494	6 10-940; or
495	495	7 (2) the calendar year prior to the calendar year in
496	496	8 which the Department grants that preliminary approval, if
497	497	9 the Department grants preliminary approval pursuant to
498	498	10 Section 10-940 for a megaproject located on the property.
499	499	11 "Base year valuation" means the assessed value, in the
500	500	12 base year, of the property comprising the megaproject.
501	501	13 "Company" means one or more entities whose aggregate
502	502	14 investment in the megaproject meets the minimum investment
503	503	15 required under this Division. The term "company" includes a
504	504	16 company affiliate unless the context clearly indicates
505	505	17 otherwise.
506	506	18 "Company affiliate" means an entity that joins with or is
507	507	19 an affiliate of a company and that participates in the
508	508	20 investment in, or financing of, a megaproject.
509	509	21 "Consumer Price Index" means the index published by the
510	510	22 Bureau of Labor Statistics of the United States Department of
511	511	23 Labor that measures the average change in prices of goods and
512	512	24 services purchased by all urban consumers, United States city
513	513	25 average, all items, 1982-84 = 100.
514	514	26 "Department" means the Department of Commerce and Economic
515	515
516	516
517	517
518	518
519	519
520	520	HB2403 - 14 - LRB104 09082 HLH 19138 b
521	521
522	522
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524	524	HB2403 - 15 - LRB104 09082 HLH 19138 b
525	525	1 Opportunity.
526	526	2 "Eligible costs" means all costs incurred by or on behalf
527	527	3 of, or allocated to, a company, prior to the Department's
528	528	4 issuance of the megaproject certificate or during the
529	529	5 investment period, to create or construct a megaproject.
530	530	6 "Eligible costs" includes, without limitation:
531	531	7 (1) the purchase, site preparation, renovation,
532	532	8 rehabilitation, and construction of land, buildings,
533	533	9 structures, equipment, and furnishings used for or in the
534	534	10 megaproject;
535	535	11 (2) any goods or services for the megaproject that are
536	536	12 purchased and capitalized under generally accepted
537	537	13 accounting principles, including any organizational costs
538	538	14 and research and development costs incurred in Illinois;
539	539	15 (3) capitalized lease costs for land, buildings,
540	540	16 structures, and equipment valued at their present value
541	541	17 using the interest rate at which the company borrows funds
542	542	18 prevailing at the time the company entered into the lease;
543	543	19 (4) infrastructure development costs;
544	544	20 (5) debt service and project financing costs;
545	545	21 (6) noncapitalized research and development costs;
546	546	22 (7) job training and education costs;
547	547	23 (8) lease and relocation costs; and
548	548	24 (9) amounts expended by a company or company affiliate
549	549	25 as a nonresponsible party pursuant to a voluntary program
550	550	26 of site remediation, including amounts expended to obtain
551	551
552	552
553	553
554	554
555	555
556	556	HB2403 - 15 - LRB104 09082 HLH 19138 b
557	557
558	558
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560	560	HB2403 - 16 - LRB104 09082 HLH 19138 b
561	561	1 a No Further Remediation Letter from the Illinois
562	562	2 Environmental Protection Agency.
563	563	3 "Entity" means a sole proprietor, partnership, firm,
564	564	4 corporation, limited liability company, association, or other
565	565	5 business enterprise.
566	566	6 "Full-time employee" means an individual who is employed
567	567	7 for consideration for at least 35 hours each week or who
568	568	8 renders any other standard of service generally accepted by
569	569	9 industry custom or practice as a full-time employee. An
570	570	10 individual for whom a W-2 is issued by a professional employer
571	571	11 organization is a full-time employee if he or she is employed
572	572	12 in the service of the applicant for at least 35 hours each week
573	573	13 or renders any other standard of service generally accepted by
574	574	14 industry custom or practice as a full-time employment. An
575	575	15 owner, operator, or tenant who employs labor or services at a
576	576	16 specific site or facility under contract with another may
577	577	17 declare one full-time job for every 1,820 man-hours worked per
578	578	18 year under the contract. Vacations, paid holidays, and sick
579	579	19 time are included in this computation, but overtime is not
580	580	20 considered a part of regular hours.
581	581	21 "High Impact Business" means a project that has been
582	582	22 designated by the Department as a High Impact Business under
583	583	23 Section 5.5 of the Illinois Enterprise Zone Act.
584	584	24 "Incentive agreement" means an agreement between a
585	585	25 company, a local municipality, and the taxing districts
586	586	26 obligating the company to make the special payment under this
587	587
588	588
589	589
590	590
591	591
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593	593
594	594
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596	596	HB2403 - 17 - LRB104 09082 HLH 19138 b
597	597	1 Division, in addition to paying property taxes, during the
598	598	2 incentive period for a megaproject.
599	599	3 "Incentive period" means the period beginning on the first
600	600	4 day of the calendar year after the calendar year in which the
601	601	5 megaproject is placed in service and each calendar year
602	602	6 thereafter until the earlier of (i) the expiration or
603	603	7 termination of the incentive agreement or (ii) the revocation
604	604	8 of the megaproject certificate.
605	605	9 "Inducement resolution" means a resolution adopted by the
606	606	10 local municipality setting forth the commitment of the local
607	607	11 municipality to enter into an incentive agreement.
608	608	12 "Investment period" means the period ending 7 years after
609	609	13 the date on which the Department issues the megaproject
610	610	14 certificate, or such other longer period of time as the local
611	611	15 municipality, the taxing districts, and the company may agree
612	612	16 to, not to exceed an initial period of 10 years.
613	613	17 "Local municipality" means the city, village, or
614	614	18 incorporated town in which the megaproject is located or, if
615	615	19 the megaproject is located in an unincorporated area, the
616	616	20 county in which the megaproject is located.
617	617	21 "Megaproject" means the project set forth in the company's
618	618	22 tax credit agreement or high impact business designation.
619	619	23 "Megaproject certificate" means a certificate issued by
620	620	24 the Department that authorizes an assessment freeze as
621	621	25 provided in this Division.
622	622	26 "Minimum investment" means an investment in the
623	623
624	624
625	625
626	626
627	627
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629	629
630	630
631	631	HB2403- 18 -LRB104 09082 HLH 19138 b HB2403 - 18 - LRB104 09082 HLH 19138 b
632	632	HB2403 - 18 - LRB104 09082 HLH 19138 b
633	633	1 megaproject of at least $100,000,000 in eligible costs within
634	634	2 the investment period.
635	635	3 "Minority person" means a person who is a citizen or
636	636	4 lawful permanent resident of the United States and who is any
637	637	5 of the following:
638	638	6 (1) American Indian or Alaska Native (a person having
639	639	7 origins in any of the original peoples of North and South
640	640	8 America, including Central America, and who maintains
641	641	9 tribal affiliation or community attachment).
642	642	10 (2) Asian (a person having origins in any of the
643	643	11 original peoples of the Far East, Southeast Asia, or the
644	644	12 Indian subcontinent, including, but not limited to,
645	645	13 Cambodia, China, India, Japan, Korea, Malaysia, Pakistan,
646	646	14 the Philippine Islands, Thailand, and Vietnam).
647	647	15 (3) Black or African American (a person having origins
648	648	16 in any of the black racial groups of Africa).
649	649	17 (4) Hispanic or Latino (a person of Cuban, Mexican,
650	650	18 Puerto Rican, South or Central American, or other Spanish
651	651	19 culture or origin, regardless of race).
652	652	20 (5) Native Hawaiian or Other Pacific Islander (a
653	653	21 person having origins in any of the original peoples of
654	654	22 Hawaii, Guam, Samoa, or other Pacific Islands).
655	655	23 "Minority-owned business" means a business that is at
656	656	24 least 51% owned by one or more minority persons, or that, in
657	657	25 the case of a corporation, has at least 51% of its stock owned
658	658	26 by one or more minority persons, and that, in either case, is
659	659
660	660
661	661
662	662
663	663
664	664	HB2403 - 18 - LRB104 09082 HLH 19138 b
665	665
666	666
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668	668	HB2403 - 19 - LRB104 09082 HLH 19138 b
669	669	1 managed and operated on a daily basis by one or more of the
670	670	2 minority individuals who own the business.
671	671	3 "New full-time employee" means a full-time employee who
672	672	4 first became employed by the owner, operator, contractor, or
673	673	5 tenant of the megaproject during the incentive period or
674	674	6 investment period and whose hiring results in a net increase
675	675	7 in the owner, operator, contractor, or tenant's total number
676	676	8 of full-time Illinois employees.
677	677	9 "New full-time employee" does not include:
678	678	10 (1) a person who was previously employed in Illinois
679	679	11 by the applicant or a related family member prior to the
680	680	12 onset of the investment or incentive period; or
681	681	13 (2) an individual who has a direct or indirect
682	682	14 ownership interest of at least 5% in the profits, capital,
683	683	15 or value of the applicant.
684	684	16 "Placed in service" means that the company has commenced
685	685	17 its business operations at the megaproject site and has met
686	686	18 its job creation requirements under this Section by hiring or
687	687	19 causing to be hired at least 100 new full-time employees who
688	688	20 provide support to the megaproject's business operations and
689	689	21 work in the State of Illinois. If a company pauses or shuts
690	690	22 down its business operations for a period of more than 30 days,
691	691	23 then the megaproject shall no longer be considered placed in
692	692	24 service.
693	693	25 "Project" means land, buildings, and other improvements on
694	694	26 the land, including water facilities, sewage treatment and
695	695
696	696
697	697
698	698
699	699
700	700	HB2403 - 19 - LRB104 09082 HLH 19138 b
701	701
702	702
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704	704	HB2403 - 20 - LRB104 09082 HLH 19138 b
705	705	1 disposal facilities, and all other machinery, apparatuses,
706	706	2 equipment, office facilities, related infrastructure, and
707	707	3 furnishings that are considered necessary, suitable, or useful
708	708	4 by a company and comprise the megaproject, including all such
709	709	5 property subject to assessment under the Property Tax Code.
710	710	6 "Special payment" means the annual amount paid in addition
711	711	7 to property taxes paid during the incentive period as provided
712	712	8 in the incentive agreement.
713	713	9 "Sports stadium" means a facility, stadium, arena, or
714	714	10 other structure where athletic contests are held and sports
715	715	11 teams practice and perform.
716	716	12 "Tax credit agreement" means an agreement entered into by
717	717	13 the company and the Department under the Economic Development
718	718	14 for Growing Economy Tax Credit Act, the Reimagining Energy and
719	719	15 Vehicles in Illinois Act, or the Manufacturing Illinois Chips
720	720	16 for Real Opportunity (MICRO) Act.
721	721	17 "Taxing district" has the meaning given to that term in
722	722	18 Section 1-150.
723	723	19 "Termination date" means the last day of a calendar year
724	724	20 that is no later than the 23rd year following the first
725	725	21 calendar year in which a megaproject is placed in service. A
726	726	22 company may apply to the local municipality and taxing
727	727	23 districts prior to the termination date for an extension of
728	728	24 the termination date beyond the 23rd year for up to 17
729	729	25 additional years, for a total of 40 years. The corporate
730	730	26 authorities of the local municipality and the taxing districts
731	731
732	732
733	733
734	734
735	735
736	736	HB2403 - 20 - LRB104 09082 HLH 19138 b
737	737
738	738
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740	740	HB2403 - 21 - LRB104 09082 HLH 19138 b
741	741	1 shall approve an extension by resolution upon a finding of
742	742	2 substantial public benefit. A copy of the resolution must be
743	743	3 delivered to the Department within 30 days of the date the
744	744	4 resolution was adopted. If the incentive agreement is
745	745	5 terminated under Section 10-937, then the termination date is
746	746	6 the date the agreement is terminated.
747	747	7 (35 ILCS 200/10-915 new)
748	748	8 Sec. 10-915. Valuation during incentive period;
749	749	9 eligibility.
750	750	10 (a) Property that receives a megaproject certificate from
751	751	11 the Department is eligible for an assessment freeze, as
752	752	12 provided in this Division, eliminating from consideration, for
753	753	13 assessment purposes during the incentive period, the value
754	754	14 added to the property by the project and limiting the total
755	755	15 valuation of the property during the incentive period to the
756	756	16 base year valuation. If the company does not anticipate
757	757	17 completing the project within the investment period, then the
758	758	18 local municipality and taxing districts may approve one or
759	759	19 more extensions of time to complete the project. However, the
760	760	20 local municipality and taxing districts may not extend the
761	761	21 project for a period that exceeds 5 years after the last day of
762	762	22 the investment period. Unless approved as part of the original
763	763	23 incentive agreement, the corporate authorities of the local
764	764	24 municipality and taxing districts may approve an extension
765	765	25 under this subsection by resolution, a copy of which must be
766	766
767	767
768	768
769	769
770	770
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772	772
773	773
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775	775	HB2403 - 22 - LRB104 09082 HLH 19138 b
776	776	1 delivered to the Department within 30 days after the date the
777	777	2 resolution is adopted.
778	778	3 (b) To qualify for a megaproject certificate, the company
779	779	4 must:
780	780	5 (1) make the minimum investment in the megaproject
781	781	6 during the investment period;
782	782	7 (2) enter into an incentive agreement with the local
783	783	8 municipality and taxing districts as described in this
784	784	9 Division;
785	785	10 (3) enter into a project labor agreement with the
786	786	11 applicable local building trades council prior to the
787	787	12 commencement of any demolition, building construction, or
788	788	13 building renovation related to the megaproject;
789	789	14 (4) establish the goal of awarding 20% of the total
790	790	15 dollar amount of contracts that are related to the
791	791	16 megaproject and are awarded by the company during each
792	792	17 calendar year to minority-owned businesses;
793	793	18 (5) create at least 100 new full-time jobs as a result
794	794	19 of the megaproject; and
795	795	20 (6) have executed a tax credit agreement with the
796	796	21 Department or received a high impact business designation
797	797	22 from the Department.
798	798	23 (c) For purposes of this Division, if a single company
799	799	24 enters into a financing arrangement of the type described in
800	800	25 subsection (b) of Section 10-950, the investment in or
801	801	26 financing of the property by a developer, lessor, financing
802	802
803	803
804	804
805	805
806	806
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808	808
809	809
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811	811	HB2403 - 23 - LRB104 09082 HLH 19138 b
812	812	1 entity, or other third party in accordance with this
813	813	2 arrangement is considered investment by the company.
814	814	3 Investment by a related person to the company is considered
815	815	4 investment by the company.
816	816	5 (35 ILCS 200/10-920 new)
817	817	6 Sec. 10-920. Incentive agreement; assessment freeze for
818	818	7 megaprojects; incentive period; inducement resolution;
819	819	8 location of the project; criteria to qualify.
820	820	9 (a) To obtain the benefits provided in this Division, the
821	821	10 company shall apply in writing to the local municipality and
822	822	11 taxing districts to enter into an incentive agreement with the
823	823	12 municipality and taxing districts, in the form and manner
824	824	13 required by the local municipality and taxing districts,
825	825	14 respectively, and shall certify to the facts asserted in the
826	826	15 application.
827	827	16 (b) The corporate authorities of the local municipality,
828	828	17 prior to entering into an incentive agreement under this
829	829	18 Section, shall hold a public hearing to consider the
830	830	19 application. The amount and terms of the proposed special
831	831	20 payment and the duration of the incentive agreement shall be
832	832	21 considered at the public hearing.
833	833	22 (c) Copies of the completed application shall be provided
834	834	23 to each taxing district for which property taxes were assessed
835	835	24 on the property for the immediately preceding tax year. Those
836	836	25 copies shall be provided at least 30 days prior to the
837	837
838	838
839	839
840	840
841	841
842	842	HB2403 - 23 - LRB104 09082 HLH 19138 b
843	843
844	844
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846	846	HB2403 - 24 - LRB104 09082 HLH 19138 b
847	847	1 scheduled public hearing at which the corporate authorities of
848	848	2 the local municipality will consider the application.
849	849	3 (d) The company, the local municipality, and the taxing
850	850	4 districts shall enter into an incentive agreement requiring
851	851	5 the special payment described in Section 10-925. The corporate
852	852	6 authorities of the local municipality shall adopt an ordinance
853	853	7 approving the incentive agreement.
854	854	8 (e) If an incentive agreement is not executed within 5
855	855	9 years after the local municipality's adoption of an inducement
856	856	10 resolution, expenditures incurred by the company more than 5
857	857	11 years prior to the execution of the incentive agreement shall
858	858	12 not qualify as part of the minimum investment.
859	859	13 (f) To be eligible to enter into an incentive agreement
860	860	14 under this Division, the company must commit to a project that
861	861	15 meets the investment and new job creation requirements set
862	862	16 forth in the company's tax credit agreement or high impact
863	863	17 business designation. In no event shall the company be
864	864	18 required to invest less than $100,000,000 or create fewer than
865	865	19 100 new full-time jobs.
866	866	20 (35 ILCS 200/10-925 new)
867	867	21 Sec. 10-925. Contents of incentive agreement.
868	868	22 (a) The incentive agreement under Section 10-920 must
869	869	23 require the company to pay, or be responsible for the payment
870	870	24 of, an annual special payment to the local municipality and
871	871	25 the taxing districts, beginning with the first tax year for
872	872
873	873
874	874
875	875
876	876
877	877	HB2403 - 24 - LRB104 09082 HLH 19138 b
878	878
879	879
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881	881	HB2403 - 25 - LRB104 09082 HLH 19138 b
882	882	1 which the assessment freeze under this Division is applied to
883	883	2 the megaproject. The amount of the special payment shall be
884	884	3 established by the local municipality and taxing districts in
885	885	4 the incentive agreement and may be a fixed amount for the
886	886	5 duration of the incentive period or may be subject to
887	887	6 adjustment (downward or upward) based on factors memorialized
888	888	7 in the incentive agreement.
889	889	8 Unless the special payment is negotiated as a fixed
890	890	9 payment for the duration of the incentive period, the parties
891	891	10 shall conduct an impact analysis study on the megaproject
892	892	11 every 5 years, and the special payment shall be adjusted based
893	893	12 on the results of that study; provided, however, the
894	894	13 adjustment shall not be less than the initial special payment
895	895	14 adjusted for inflation as measured by the Consumer Price
896	896	15 Index.
897	897	16 The portion of the special payment due to the local school
898	898	17 districts shall be increased annually by the lesser of (i) 5%
899	899	18 or (ii) the percentage increase, if any, in the Consumer Price
900	900	19 Index for the 12 months ending in September of the immediately
901	901	20 preceding calendar year, and may be further increased or
902	902	21 decreased every 5 years based on the results of the impact
903	903	22 analysis study.
904	904	23 (b) The incentive agreement shall obligate the company to
905	905	24 operate the megaproject at the designated project location for
906	906	25 a minimum of 20 years.
907	907	26 (c) The incentive agreement may contain such other terms
908	908
909	909
910	910
911	911
912	912
913	913	HB2403 - 25 - LRB104 09082 HLH 19138 b
914	914
915	915
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917	917	HB2403 - 26 - LRB104 09082 HLH 19138 b
918	918	1 and conditions as are mutually agreeable to the local
919	919	2 municipality, the taxing districts, and the company and are
920	920	3 consistent with the requirements of this Division, including,
921	921	4 without limitation, operational and additional job creation
922	922	5 requirements.
923	923	6 (d) In addition, all incentive agreements entered into
924	924	7 pursuant to Section 10-920 must include, as the first portion
925	925	8 of the document, a recapitulation of the remaining contents of
926	926	9 the document, which shall include the following:
927	927	10 (1) the legal name of each party to the agreement;
928	928	11 (2) the street address of the project and the property
929	929	12 subject to the agreement;
930	930	13 (3) the agreed minimum investment, which shall not be
931	931	14 less than the investment amount required in the tax credit
932	932	15 agreement or high impact business designation;
933	933	16 (3.5) the agreed number of new jobs to be created,
934	934	17 which shall not be less than the number of new jobs
935	935	18 required in the tax credit agreement or high impact
936	936	19 business designation;
937	937	20 (4) the term of the agreement;
938	938	21 (5) a schedule showing the amount of the special
939	939	22 payment and its calculation for each year of the
940	940	23 agreement;
941	941	24 (6) a schedule showing the amount to be distributed
942	942	25 annually to each taxing district, as set forth in the
943	943	26 incentive agreement;
944	944
945	945
946	946
947	947
948	948
949	949	HB2403 - 26 - LRB104 09082 HLH 19138 b
950	950
951	951
952	952	HB2403- 27 -LRB104 09082 HLH 19138 b HB2403 - 27 - LRB104 09082 HLH 19138 b
953	953	HB2403 - 27 - LRB104 09082 HLH 19138 b
954	954	1 (7) any other feature or aspect of the agreement which
955	955	2 may affect the calculation of items (5) and (6) of this
956	956	3 subsection; and
957	957	4 (8) the party or parties to the agreement who are
958	958	5 responsible for updating the information contained in the
959	959	6 summary document.
960	960	7 (35 ILCS 200/10-927 new)
961	961	8 Sec. 10-927. Minimum job creation requirements.
962	962	9 (a) The company must hire the same number of new full-time
963	963	10 employees as is required in the company's tax credit agreement
964	964	11 or high impact business designation, which in no event shall
965	965	12 be less than 100. These new full-time employees must be hired
966	966	13 to support the business operations of the megaproject and be
967	967	14 located within the State of Illinois.
968	968	15 (b) A company may not satisfy the requirements of this
969	969	16 Section by relocating jobs from one site in Illinois to
970	970	17 another site in Illinois.
971	971	18 (35 ILCS 200/10-930 new)
972	972	19 Sec. 10-930. Installment bills; distribution of special
973	973	20 payments.
974	974	21 (a) The local municipality shall prepare a bill for the
975	975	22 company for each installment of the special payment according
976	976	23 to the schedule set forth in paragraph (5) of subsection (d) of
977	977	24 Section 10-925, or as modified pursuant to paragraph (7) of
978	978
979	979
980	980
981	981
982	982
983	983	HB2403 - 27 - LRB104 09082 HLH 19138 b
984	984
985	985
986	986	HB2403- 28 -LRB104 09082 HLH 19138 b HB2403 - 28 - LRB104 09082 HLH 19138 b
987	987	HB2403 - 28 - LRB104 09082 HLH 19138 b
988	988	1 subsection (d) of Section 10-925, and the company shall make
989	989	2 direct payments to the affected taxing entities according to
990	990	3 the schedule in paragraph (6) of subsection (d) of Section
991	991	4 10-925 or as modified in paragraph (7) of subsection (d) of
992	992	5 Section 10-925.
993	993	6 (b) The company shall make direct payments of the special
994	994	7 payment to the taxing districts associated with the
995	995	8 megaproject within 30 days after receipt by the company of the
996	996	9 bill prepared by the local municipality.
997	997	10 (c) Misallocations of the special payments may be
998	998	11 corrected by adjusting later distributions, but these
999	999	12 adjustments must be made in the next succeeding year following
1000	1000	13 identification and resolution of the misallocation. To the
1001	1001	14 extent that distributions have been made improperly in
1002	1002	15 previous years, claims for adjustment must be made within one
1003	1003	16 year of the distribution.
1004	1004	17 (35 ILCS 200/10-937 new)
1005	1005	18 Sec. 10-937. Termination of incentive agreement; automatic
1006	1006	19 termination; minimum level of investment and new job creation
1007	1007	20 required to remain qualified for assessment freeze.
1008	1008	21 (a) The local municipality, the taxing districts, and the
1009	1009	22 company may mutually agree to terminate the incentive
1010	1010	23 agreement at any time. From the date of termination, the
1011	1011	24 megaproject is subject to assessment on the basis of the
1012	1012	25 then-current fair cash value.
1013	1013
1014	1014
1015	1015
1016	1016
1017	1017
1018	1018	HB2403 - 28 - LRB104 09082 HLH 19138 b
1019	1019
1020	1020
1021	1021	HB2403- 29 -LRB104 09082 HLH 19138 b HB2403 - 29 - LRB104 09082 HLH 19138 b
1022	1022	HB2403 - 29 - LRB104 09082 HLH 19138 b
1023	1023	1 (b) An incentive agreement shall be terminated if the
1024	1024	2 company fails to satisfy the minimum investment level or the
1025	1025	3 job creation requirements provided in this Division. If the
1026	1026	4 incentive agreement is terminated under this subsection, the
1027	1027	5 megaproject is subject to assessment on the basis of the
1028	1028	6 then-current fair cash value beginning in the tax year during
1029	1029	7 which the termination occurs.
1030	1030	8 (c) An incentive agreement shall terminate if, at any
1031	1031	9 time, the company no longer has the minimum level of new job
1032	1032	10 creation and investment as provided in this Division, without
1033	1033	11 regard to depreciation.
1034	1034	12 (35 ILCS 200/10-938 new)
1035	1035	13 Sec. 10-938. Megaproject administration. The
1036	1036	14 administration of a megaproject shall be under the
1037	1037	15 jurisdiction of the local municipality that approved the
1038	1038	16 incentive agreement by ordinance. Each local municipality that
1039	1039	17 approves an incentive agreement by ordinance shall, by
1040	1040	18 ordinance, designate a Megaproject Administrator for the
1041	1041	19 megaproject within its jurisdiction. A Megaproject
1042	1042	20 Administrator must be an officer or employee of the
1043	1043	21 municipality or county. The Megaproject Administrator shall be
1044	1044	22 the liaison between the approving municipality or county, the
1045	1045	23 Department, and the Department of Revenue.
1046	1046	24 (35 ILCS 200/10-940 new)
1047	1047
1048	1048
1049	1049
1050	1050
1051	1051
1052	1052	HB2403 - 29 - LRB104 09082 HLH 19138 b
1053	1053
1054	1054
1055	1055	HB2403- 30 -LRB104 09082 HLH 19138 b HB2403 - 30 - LRB104 09082 HLH 19138 b
1056	1056	HB2403 - 30 - LRB104 09082 HLH 19138 b
1057	1057	1 Sec. 10-940. Megaproject applications; certification as a
1058	1058	2 megaproject and revocation of certification.
1059	1059	3 (a) The Department shall receive applications for
1060	1060	4 megaproject certificates under this Division. The Department
1061	1061	5 shall promptly notify the assessment officer when the
1062	1062	6 Department receives an application under this Section. The
1063	1063	7 Department's rules shall provide that an applicant may request
1064	1064	8 preliminary approval of the megaproject before the project
1065	1065	9 begins, before the applicant has entered into a fully executed
1066	1066	10 incentive agreement with the local municipality and taxing
1067	1067	11 districts, or before the project has been placed in service.
1068	1068	12 (b) An applicant for a megaproject certificate under this
1069	1069	13 Division must provide evidence to the Department of a fully
1070	1070	14 executed incentive agreement between the company, the local
1071	1071	15 municipality, and the taxing districts as described in this
1072	1072	16 Division.
1073	1073	17 (c) An applicant for a megaproject certificate under this
1074	1074	18 Division must provide evidence to the Department of a fully
1075	1075	19 executed project labor agreement entered into with the
1076	1076	20 applicable local building trades council prior to the
1077	1077	21 commencement of any demolition, building construction, or
1078	1078	22 building renovation at the project. If the demolition,
1079	1079	23 building construction, or building renovation begins after the
1080	1080	24 application is approved, then the applicant must transmit a
1081	1081	25 copy of the fully executed project labor agreement to the
1082	1082	26 Department as soon as possible after the agreement is
1083	1083
1084	1084
1085	1085
1086	1086
1087	1087
1088	1088	HB2403 - 30 - LRB104 09082 HLH 19138 b
1089	1089
1090	1090
1091	1091	HB2403- 31 -LRB104 09082 HLH 19138 b HB2403 - 31 - LRB104 09082 HLH 19138 b
1092	1092	HB2403 - 31 - LRB104 09082 HLH 19138 b
1093	1093	1 executed.
1094	1094	2 (d) An applicant for a megaproject certificate under this
1095	1095	3 Division must provide evidence to the Department that the
1096	1096	4 company has established the goal of awarding 20% of the total
1097	1097	5 dollar amount of contracts awarded during each calendar year
1098	1098	6 by the company, that are related to the project, to
1099	1099	7 minority-owned businesses.
1100	1100	8 (e) The Department shall approve an application for a
1101	1101	9 megaproject certificate if the Department finds that the
1102	1102	10 project meets the requirements of this Division.
1103	1103	11 (f) Upon approval of the application, the Department shall
1104	1104	12 issue a megaproject certificate to the applicant and transmit
1105	1105	13 a copy to the assessment officer and the Department of
1106	1106	14 Revenue. The certificate shall identify the property on which
1107	1107	15 the megaproject is located.
1108	1108	16 (g) For each calendar year following issuance of the
1109	1109	17 megaproject certificate, until the minimum investment and new
1110	1110	18 job creation requirements have been met and the megaproject
1111	1111	19 has been placed in service, the company shall deliver a report
1112	1112	20 to the Department on the status of construction or creation of
1113	1113	21 the megaproject and the amount of minimum investment made in
1114	1114	22 the megaproject during the preceding calendar year. If the
1115	1115	23 Department determines, in accordance with the Administrative
1116	1116	24 Review Law and the Illinois Administrative Procedure Act, that
1117	1117	25 a project for which a certificate has been issued has not met
1118	1118	26 the minimum investment and job creation requirements of this
1119	1119
1120	1120
1121	1121
1122	1122
1123	1123
1124	1124	HB2403 - 31 - LRB104 09082 HLH 19138 b
1125	1125
1126	1126
1127	1127	HB2403- 32 -LRB104 09082 HLH 19138 b HB2403 - 32 - LRB104 09082 HLH 19138 b
1128	1128	HB2403 - 32 - LRB104 09082 HLH 19138 b
1129	1129	1 Division within the investment period, the Department shall
1130	1130	2 revoke the certificate by written notice to the taxpayer of
1131	1131	3 record and transmit a copy of the revocation to the assessment
1132	1132	4 officer.
1133	1133	5 (h) If the local municipality notifies the Department that
1134	1134	6 the incentive agreement between the company, the local
1135	1135	7 municipality, and the taxing districts has been terminated,
1136	1136	8 the Department shall revoke the certificate by written notice
1137	1137	9 to the taxpayer of record and transmit a copy of the revocation
1138	1138	10 to the assessment officer.
1139	1139	11 (35 ILCS 200/10-945 new)
1140	1140	12 Sec. 10-945. Computation of valuation.
1141	1141	13 (a) Upon receipt of the megaproject certificate from the
1142	1142	14 Department, the assessment officer shall determine the base
1143	1143	15 year valuation and shall make a notation on each statement of
1144	1144	16 assessment during the assessment period that the valuation of
1145	1145	17 the project is based upon the issuance of a megaproject
1146	1146	18 certificate.
1147	1147	19 (b) Upon revocation of a megaproject certificate, the
1148	1148	20 assessment officer shall compute the assessed valuation of the
1149	1149	21 project on the basis of the then-current fair cash value of the
1150	1150	22 property.
1151	1151	23 (35 ILCS 200/10-950 new)
1152	1152	24 Sec. 10-950. Transfers of interest in a megaproject;
1153	1153
1154	1154
1155	1155
1156	1156
1157	1157
1158	1158	HB2403 - 32 - LRB104 09082 HLH 19138 b
1159	1159
1160	1160
1161	1161	HB2403- 33 -LRB104 09082 HLH 19138 b HB2403 - 33 - LRB104 09082 HLH 19138 b
1162	1162	HB2403 - 33 - LRB104 09082 HLH 19138 b
1163	1163	1 sale-leaseback arrangement; requirements.
1164	1164	2 (a) Subject to the terms of the incentive agreement
1165	1165	3 between the company, the local municipality, and the taxing
1166	1166	4 district, ownership of or any interest in the megaproject and
1167	1167	5 any and all related project property, including, without
1168	1168	6 limitation, transfers of indirect beneficial interests and
1169	1169	7 equity interests in a company owning a megaproject, shall not
1170	1170	8 affect the assessment freeze or the validity of the
1171	1171	9 megaproject certificate issued under this Division.
1172	1172	10 Notwithstanding the provisions of this subsection, the
1173	1173	11 incentive agreement shall be a covenant running with the land.
1174	1174	12 (b) A company may enter into lending, financing, security,
1175	1175	13 leasing, or similar arrangements, or a succession of such
1176	1176	14 arrangements, with a financing entity concerning all or part
1177	1177	15 of a project including, without limitation, a sale-leaseback
1178	1178	16 arrangement, equipment lease, build-to-suit lease, synthetic
1179	1179	17 lease, nordic lease, defeased tax benefit, or transfer lease,
1180	1180	18 an assignment, sublease, or similar arrangement, or succession
1181	1181	19 of those arrangements, with one or more financing entities
1182	1182	20 concerning all or part of a project, regardless of the
1183	1183	21 identity of the income tax or fee owner of the megaproject.
1184	1184	22 Neither the original transfer to the financing entity nor the
1185	1185	23 later transfer from the financing entity back to the company,
1186	1186	24 pursuant to terms in the sale-leaseback agreement, shall
1187	1187	25 affect the assessment freeze or the validity of the
1188	1188	26 megaproject certificate issued under this Division, regardless
1189	1189
1190	1190
1191	1191
1192	1192
1193	1193
1194	1194	HB2403 - 33 - LRB104 09082 HLH 19138 b
1195	1195
1196	1196
1197	1197	HB2403- 34 -LRB104 09082 HLH 19138 b HB2403 - 34 - LRB104 09082 HLH 19138 b
1198	1198	HB2403 - 34 - LRB104 09082 HLH 19138 b
1199	1199	1 of whether the income tax basis is changed for income tax
1200	1200	2 purposes.
1201	1201	3 (c) The Department must receive notice of all transfers
1202	1202	4 undertaken with respect to other projects to effect a
1203	1203	5 financing. Notice shall be made in writing within 60 days
1204	1204	6 after the transfer, shall identify each transferee, and shall
1205	1205	7 contain other information required by the Department with the
1206	1206	8 appropriate returns. Failure to meet this notice requirement
1207	1207	9 does not adversely affect the assessment freeze.
1208	1208	10 (35 ILCS 200/10-955 new)
1209	1209	11 Sec. 10-955. Minimum investment by company affiliates. To
1210	1210	12 be eligible for the benefits of this Division, a company must
1211	1211	13 invest the minimum investment. Investments by company
1212	1212	14 affiliates during the investment period may be applied toward
1213	1213	15 the minimum investment under this Division regardless of
1214	1214	16 whether the company affiliate was part of the project. To
1215	1215	17 qualify for the assessment freeze, the minimum investment must
1216	1216	18 be made in connection with the megaproject.
1217	1217	19 (35 ILCS 200/10-960 new)
1218	1218	20 Sec. 10-960. Projects to be valued at fair cash value for
1219	1219	21 purposes of bonded indebtedness and limitations on property
1220	1220	22 tax extensions. Projects to which an assessment freeze applies
1221	1221	23 pursuant to this Division shall be valued at their fair cash
1222	1222	24 value for purposes of calculating a municipality's general
1223	1223
1224	1224
1225	1225
1226	1226
1227	1227
1228	1228	HB2403 - 34 - LRB104 09082 HLH 19138 b
1229	1229
1230	1230
1231	1231	HB2403- 35 -LRB104 09082 HLH 19138 b HB2403 - 35 - LRB104 09082 HLH 19138 b
1232	1232	HB2403 - 35 - LRB104 09082 HLH 19138 b
1233	1233	1 obligation bond limits and a taxing district's limitation on
1234	1234	2 tax extensions.
1235	1235	3 (35 ILCS 200/10-965 new)
1236	1236	4 Sec. 10-965. Abatements. Any taxing district, upon a
1237	1237	5 majority vote of its governing authority, may, after the
1238	1238	6 determination of the assessed valuation as set forth in this
1239	1239	7 Division, order the clerk of the appropriate municipality or
1240	1240	8 county to abate any portion of real property taxes otherwise
1241	1241	9 levied or extended by the taxing district on a megaproject.
1242	1242	10 (35 ILCS 200/10-970 new)
1243	1243	11 Sec. 10-970. Filing of returns, contracts, and other
1244	1244	12 information; due date of payments and returns.
1245	1245	13 (a) The company and the local municipality shall file
1246	1246	14 notices, reports, and other information as required by the
1247	1247	15 Department.
1248	1248	16 (b) Special payments are due at the same time as property
1249	1249	17 tax payments and property tax returns are due for the
1250	1250	18 megaproject property.
1251	1251	19 (c) Failure to make a timely special payment results in
1252	1252	20 the assessment of penalties as if the payment were a
1253	1253	21 delinquent property tax payment or return.
1254	1254	22 (d) Within 30 days after the date of execution of an
1255	1255	23 incentive agreement, a copy of the incentive agreement must be
1256	1256	24 filed with the Department, the chief county assessment
1257	1257
1258	1258
1259	1259
1260	1260
1261	1261
1262	1262	HB2403 - 35 - LRB104 09082 HLH 19138 b
1263	1263
1264	1264
1265	1265	HB2403- 36 -LRB104 09082 HLH 19138 b HB2403 - 36 - LRB104 09082 HLH 19138 b
1266	1266	HB2403 - 36 - LRB104 09082 HLH 19138 b
1267	1267	1 officer, and the county auditor for the county in which the
1268	1268	2 megaproject is located.
1269	1269	3 (35 ILCS 200/10-980 new)
1270	1270	4 Sec. 10-980. Rules. The Department may issue rulings and
1271	1271	5 adopt rules as necessary to carry out the purpose of this
1272	1272	6 Division.
1273	1273	7 (35 ILCS 200/10-985 new)
1274	1274	8 Sec. 10-985. Prohibition on multiple credits, exemptions,
1275	1275	9 and freezes. An applicant for a megaproject certificate who
1276	1276	10 qualifies for an assessment freeze under this Section is not
1277	1277	11 entitled to any other property tax credits, exemptions, or
1278	1278	12 assessment freezes relating to the megaproject.
1279	1279	13 (35 ILCS 200/10-987 new)
1280	1280	14 Sec. 10-987. Building materials exemption for
1281	1281	15 megaprojects. An applicant that is eligible for a megaproject
1282	1282	16 certificate under this Division 22 of Article 10 is also
1283	1283	17 eligible for the building materials exemption under Section
1284	1284	18 605-1115 of the Civil Administrative Code of Illinois.
1285	1285	19 (35 ILCS 200/10-990 new)
1286	1286	20 Sec. 10-990. Sports stadiums. An applicant is not
1287	1287	21 eligible for a megaproject assessment freeze under this
1288	1288	22 Section for the construction or development of a sports
1289	1289
1290	1290
1291	1291
1292	1292
1293	1293
1294	1294	HB2403 - 36 - LRB104 09082 HLH 19138 b
1295	1295
1296	1296
1297	1297	HB2403- 37 -LRB104 09082 HLH 19138 b HB2403 - 37 - LRB104 09082 HLH 19138 b
1298	1298	HB2403 - 37 - LRB104 09082 HLH 19138 b
1299	1299	1 stadium unless, prior to the approval of the megaproject by
1300	1300	2 the Department, the General Assembly approves the megaproject
1301	1301	3 by joint resolution.
1302	1302	4 (35 ILCS 200/10-995 new)
1303	1303	5 Sec. 10-995. Tax Increment Financing districts. A project
1304	1304	6 that is located and operated in a Tax Increment Financing
1305	1305	7 (TIF) district or TIF designated area is not eligible for a
1306	1306	8 megaproject assessment freeze under this Section. The
1307	1307	9 agreement shall provide that the megaproject certificate is
1308	1308	10 void if an area on which the megaproject is located is
1309	1309	11 designated as a TIF district or TIF designated area.
1310	1310	12 (35 ILCS 200/10-1000 new)
1311	1311	13 Sec. 10-1000. Invalidity. If all or any part of this
1312	1312	14 Division is determined to be unconstitutional or otherwise
1313	1313	15 unenforceable by a court of competent jurisdiction, a company
1314	1314	16 has 180 days from the date of the determination to transfer the
1315	1315	17 megaproject's title to an authorized economic development
1316	1316	18 authority that qualifies for property tax assessment under
1317	1317	19 this Division.
1318	1318	20 Section 97. Severability. The provisions of this Act are
1319	1319	21 severable under Section 1.31 of the Statute on Statutes.
1320	1320	22 Section 99. Effective date. This Act takes effect July 1,
1321	1321	23 2025.
1322	1322	HB2403- 38 -LRB104 09082 HLH 19138 b 1 INDEX 2 Statutes amended in order of appearance 3 20 ILCS 605/605-1118 new4 35 ILCS 105/12from Ch. 120, par. 439.125 35 ILCS 110/12from Ch. 120, par. 439.426 35 ILCS 115/12from Ch. 120, par. 439.1127 35 ILCS 120/2-28 new8 35 ILCS 200/Art. 10 Div. 9 22 heading new10 35 ILCS 200/10-910 new11 35 ILCS 200/10-915 new12 35 ILCS 200/10-920 new13 35 ILCS 200/10-925 new14 35 ILCS 200/10-927 new15 35 ILCS 200/10-930 new16 35 ILCS 200/10-937 new17 35 ILCS 200/10-938 new18 35 ILCS 200/10-940 new19 35 ILCS 200/10-945 new20 35 ILCS 200/10-950 new21 35 ILCS 200/10-955 new22 35 ILCS 200/10-960 new23 35 ILCS 200/10-965 new24 35 ILCS 200/10-970 new25 35 ILCS 200/10-980 new HB2403- 39 -LRB104 09082 HLH 19138 b HB2403- 38 -LRB104 09082 HLH 19138 b HB2403 - 38 - LRB104 09082 HLH 19138 b 1 INDEX 2 Statutes amended in order of appearance 3 20 ILCS 605/605-1118 new 4 35 ILCS 105/12 from Ch. 120, par. 439.12 5 35 ILCS 110/12 from Ch. 120, par. 439.42 6 35 ILCS 115/12 from Ch. 120, par. 439.112 7 35 ILCS 120/2-28 new 8 35 ILCS 200/Art. 10 Div. 9 22 heading new 10 35 ILCS 200/10-910 new 11 35 ILCS 200/10-915 new 12 35 ILCS 200/10-920 new 13 35 ILCS 200/10-925 new 14 35 ILCS 200/10-927 new 15 35 ILCS 200/10-930 new 16 35 ILCS 200/10-937 new 17 35 ILCS 200/10-938 new 18 35 ILCS 200/10-940 new 19 35 ILCS 200/10-945 new 20 35 ILCS 200/10-950 new 21 35 ILCS 200/10-955 new 22 35 ILCS 200/10-960 new 23 35 ILCS 200/10-965 new 24 35 ILCS 200/10-970 new 25 35 ILCS 200/10-980 new HB2403- 39 -LRB104 09082 HLH 19138 b HB2403 - 39 - LRB104 09082 HLH 19138 b
1323	1323	HB2403- 38 -LRB104 09082 HLH 19138 b HB2403 - 38 - LRB104 09082 HLH 19138 b
1324	1324	HB2403 - 38 - LRB104 09082 HLH 19138 b
1325	1325	1 INDEX
1326	1326	2 Statutes amended in order of appearance
1327	1327	3 20 ILCS 605/605-1118 new
1328	1328	4 35 ILCS 105/12 from Ch. 120, par. 439.12
1329	1329	5 35 ILCS 110/12 from Ch. 120, par. 439.42
1330	1330	6 35 ILCS 115/12 from Ch. 120, par. 439.112
1331	1331	7 35 ILCS 120/2-28 new
1332	1332	8 35 ILCS 200/Art. 10 Div.
1333	1333	9 22 heading new
1334	1334	10 35 ILCS 200/10-910 new
1335	1335	11 35 ILCS 200/10-915 new
1336	1336	12 35 ILCS 200/10-920 new
1337	1337	13 35 ILCS 200/10-925 new
1338	1338	14 35 ILCS 200/10-927 new
1339	1339	15 35 ILCS 200/10-930 new
1340	1340	16 35 ILCS 200/10-937 new
1341	1341	17 35 ILCS 200/10-938 new
1342	1342	18 35 ILCS 200/10-940 new
1343	1343	19 35 ILCS 200/10-945 new
1344	1344	20 35 ILCS 200/10-950 new
1345	1345	21 35 ILCS 200/10-955 new
1346	1346	22 35 ILCS 200/10-960 new
1347	1347	23 35 ILCS 200/10-965 new
1348	1348	24 35 ILCS 200/10-970 new
1349	1349	25 35 ILCS 200/10-980 new
1350	1350	HB2403- 39 -LRB104 09082 HLH 19138 b HB2403 - 39 - LRB104 09082 HLH 19138 b
1351	1351	HB2403 - 39 - LRB104 09082 HLH 19138 b
1352	1352
1353	1353
1354	1354
1355	1355
1356	1356
1357	1357	HB2403 - 37 - LRB104 09082 HLH 19138 b
1358	1358
1359	1359
1360	1360
1361	1361	HB2403- 38 -LRB104 09082 HLH 19138 b HB2403 - 38 - LRB104 09082 HLH 19138 b
1362	1362	HB2403 - 38 - LRB104 09082 HLH 19138 b
1363	1363	1 INDEX
1364	1364	2 Statutes amended in order of appearance
1365	1365	3 20 ILCS 605/605-1118 new
1366	1366	4 35 ILCS 105/12 from Ch. 120, par. 439.12
1367	1367	5 35 ILCS 110/12 from Ch. 120, par. 439.42
1368	1368	6 35 ILCS 115/12 from Ch. 120, par. 439.112
1369	1369	7 35 ILCS 120/2-28 new
1370	1370	8 35 ILCS 200/Art. 10 Div.
1371	1371	9 22 heading new
1372	1372	10 35 ILCS 200/10-910 new
1373	1373	11 35 ILCS 200/10-915 new
1374	1374	12 35 ILCS 200/10-920 new
1375	1375	13 35 ILCS 200/10-925 new
1376	1376	14 35 ILCS 200/10-927 new
1377	1377	15 35 ILCS 200/10-930 new
1378	1378	16 35 ILCS 200/10-937 new
1379	1379	17 35 ILCS 200/10-938 new
1380	1380	18 35 ILCS 200/10-940 new
1381	1381	19 35 ILCS 200/10-945 new
1382	1382	20 35 ILCS 200/10-950 new
1383	1383	21 35 ILCS 200/10-955 new
1384	1384	22 35 ILCS 200/10-960 new
1385	1385	23 35 ILCS 200/10-965 new
1386	1386	24 35 ILCS 200/10-970 new
1387	1387	25 35 ILCS 200/10-980 new
1388	1388
1389	1389
1390	1390
1391	1391
1392	1392
1393	1393	HB2403 - 38 - LRB104 09082 HLH 19138 b
1394	1394
1395	1395
1396	1396	HB2403- 39 -LRB104 09082 HLH 19138 b HB2403 - 39 - LRB104 09082 HLH 19138 b
1397	1397	HB2403 - 39 - LRB104 09082 HLH 19138 b
1398	1398
1399	1399
1400	1400
1401	1401
1402	1402
1403	1403	HB2403 - 39 - LRB104 09082 HLH 19138 b