IL HB5545 | 2023-2024 | 103rd General Assembly

Status

Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on February 9 2024 - 25% progression
Action: 2024-05-31 - House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Property Tax Code. Provides that certain property may be certified by the Department of Commerce and Economic Opportunity as containing a megaproject. 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. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that qualified tangible personal property used in the construction or development of a megaproject is exempt from the taxes imposed under those Acts. Effective June 1, 2024.

Tracking Information

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Title

REVENUE-MEGAPROJECTS

Sponsors


History

DateChamberAction
2024-05-31HouseHouse Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee
2024-05-31HouseRule 19(a) / Re-referred to Rules Committee
2024-05-26HouseCommittee/3rd Reading Deadline Extended-Rule May 31, 2024
2024-05-24HouseCommittee/3rd Reading Deadline Extended-Rule May 27, 2024
2024-05-16HouseHouse Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee
2024-05-15HouseHouse Committee Amendment No. 1 Referred to Rules Committee
2024-05-15HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Jay Hoffman
2024-04-05HouseCommittee/3rd Reading Deadline Extended-Rule May 24, 2024
2024-03-11HouseAdded Chief Co-Sponsor Rep. Mark L. Walker
2024-03-08HouseTo Revenue - Property Tax Subcommittee
2024-02-28HouseAssigned to Revenue & Finance Committee
2024-02-09HouseReferred to Rules Committee
2024-02-09HouseFirst Reading
2024-02-09HouseFiled with the Clerk by Rep. Jay Hoffman

Code Citations

ChapterArticleSectionCitation TypeStatute Text
351053-5Amended CodeCitation Text
351103-5Amended CodeCitation Text
351153-5Amended CodeCitation Text
351202-5Amended CodeCitation Text
3520010-1000New CodeSee Bill Text
3520010-22New CodeSee Bill Text
3520010-910New CodeSee Bill Text
3520010-915New CodeSee Bill Text
3520010-920New CodeSee Bill Text
3520010-925New CodeSee Bill Text
3520010-927New CodeSee Bill Text
3520010-930New CodeSee Bill Text
3520010-937New CodeSee Bill Text
3520010-940New CodeSee Bill Text
3520010-945New CodeSee Bill Text
3520010-950New CodeSee Bill Text
3520010-955New CodeSee Bill Text
3520010-960New CodeSee Bill Text
3520010-965New CodeSee Bill Text
3520010-970New CodeSee Bill Text
3520010-980New CodeSee Bill Text
3520010-985New CodeSee Bill Text
3520010-990New CodeSee Bill Text
3520010-995New CodeSee Bill Text

Illinois State Sources


Bill Comments

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