Bill Title: Amends the Property Tax Code. Provides that certain property may be certified by the Department of Revenue as containing a mega project. Provides that a "mega project" is a project with respect to which a company makes a specified investment during a specified investment period. Provides that the mega project property is eligible for an assessment freeze. Provides that mega project property may be granted an abatement. Provides that a company that operates a mega project shall enter into an agreement with the municipality in which the project is located 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 operation of a mega project is exempt from the taxes imposed under those Acts. Effective June 1, 2023.

Spectrum: Moderate Partisan Bill (Republican 5-1)

Status: (Introduced) 2024-04-15 - Chief Sponsor Changed to Sen. Don Harmon [SB1350 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2023-02-06	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois SB1350

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois SB1350 currently on file.

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