Bill Title: 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.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2024-06-26 - Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB2857 Detail]

Text: Latest bill text (Introduced) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Don Harmon [D]	Primary	Sponsored Bills	SD-039	FollowTheMoney	Ballotpedia	VoteSmart
Senator Mary Edly-Allen [D]	Cosponsor	Sponsored Bills	SD-031	FollowTheMoney	Ballotpedia	VoteSmart

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