PROP TX-MEGA PROJECT

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104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB2789

Introduced 2/6/2025, by Rep. Mary Beth Canty

SYNOPSIS AS INTRODUCED:

35 ILCS 200/Art. 10 Div. 22 heading new
35 ILCS 200/10-900 new
35 ILCS 200/10-905 new
35 ILCS 200/10-910 new
35 ILCS 200/10-915 new
35 ILCS 200/10-920 new
35 ILCS 200/10-925 new
35 ILCS 200/10-930 new
35 ILCS 200/10-935 new
35 ILCS 200/10-940 new
35 ILCS 200/10-945 new
35 ILCS 200/10-950 new
35 ILCS 200/10-955 new
35 ILCS 200/10-960 new
35 ILCS 200/10-965 new
35 ILCS 200/10-970 new
35 ILCS 200/10-980 new
35 ILCS 200/10-990 new

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.
LRB104 06189 HLH 16224 b

A BILL FOR

HB2789
LRB104 06189 HLH 16224 b
1

AN ACT concerning revenue.

2

Be it enacted by the People of the State of Illinois,
3
represented in the General Assembly:

4

Section 5.
The Property Tax Code is amended by adding
5
Division 22 of Article 10 as follows:

6

(35 ILCS 200/Art. 10 Div. 22 heading new)
7
Division 22.

Mega project property

8

(35 ILCS 200/10-900 new)
9

Sec. 10-900.
Findings.
The State's economy is highly
10
vulnerable to other states that have major financial incentive
11
programs and competitive tax incentives. Certain businesses
12
and commercial operations that generate significant economic
13
activity bear a disproportionately high property tax burden
14
compared to their impact on government services and compared
15
to their positive economic benefits to the State and the local
16
economy and their derivative benefits to taxing districts. To
17
incentivize the significant capital investment and economic
18
activity of certain large-scale businesses and industrial and
19
commercial operations, the State finds that a valuation
20
procedure for real property taxes on special properties, known
21
as mega projects, will reduce barriers to investment and
22
promote economic activity in Illinois. The General Assembly

HB2789
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LRB104 06189 HLH 16224 b
1
finds that it is in the best interest of the State to establish
2
a new category of valuation for mega projects that recognizes
3
their complexity and encourages local development at
4
underutilized properties.

5

(35 ILCS 200/10-905 new)
6

Sec. 10-905.
Mega Project Assessment Freeze and Payment
7
Law; definitions.
This Division 22 may be cited as the Mega
8
Project Assessment Freeze and Payment Law.
9
As used in this Division:
10

"Assessment officer" means the chief county assessment
11
officer of the county in which the mega project is located.
12

"Base year" means the base year identified in the
13
incentive agreement and approved by the local review board
14
pursuant to subsection (b) of Section 10-915.
15

"Base year valuation" means the assessed value, in the
16
base year, of the property comprising the mega project.
17

"Company" means one or more entities whose aggregate
18
investment in the mega project meets the minimum investment
19
required under this Division. The term company shall include a
20
company affiliate unless the context clearly indicates
21
otherwise.
22

"Company affiliate" means an entity that joins with or is
23
an affiliate of a company and that participates in the
24
investment in, or financing of, a mega project.
25

"Department" means the Department of Revenue.

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"Eligible costs" means all costs incurred by or on behalf
2
of, or allocated to, a company prior to the Department's
3
issuance of the mega project certificate or during the
4
investment period to create or construct a mega project.
5
"Eligible costs" include costs incurred up to 5 years prior to
6
the date of adoption of the ordinance approving the incentive
7
agreement.
8

"Eligible costs" include, without limitation:
9

(1) the purchase, site preparation, renovation,
10

rehabilitation and construction of land, buildings,
11

structures, equipment and furnishings used for or in the
12

mega project;
13

(2) any goods or services for the mega project that
14

are purchased and capitalized under generally accepted
15

accounting principles, including any organizational costs
16

and research and development costs incurred in Illinois;
17

(3) capitalized lease costs for land, buildings,
18

structures, and equipment valued at their present value
19

using the interest rate at which the company borrows funds
20

prevailing at the time the company entered into the lease;
21

(4) infrastructure development costs;
22

(5) debt service and project financing costs;
23

(6) non-capitalized research and development costs;
24

(7) job training and education costs;
25

(8) lease and relocation costs; and
26

(9) amounts expended by a company or company affiliate

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as a non-responsible party pursuant to a voluntary program
2

of site remediation, including amounts expended to obtain
3

a certification of completion, if completion of
4

remediation is required to be certified by the
5

Environmental Protection Agency.
6

"Entity" means a sole proprietorship, partnership, firm,
7
corporation, limited liability company, association, or other
8
business enterprise.
9

"Incentive agreement" means an agreement between a company
10
and a local municipality obligating the company to make the
11
special payment under this Division, in addition to paying
12
property taxes, during the incentive period for a mega
13
project.
14

"Incentive period" means the period beginning on the first
15
day of the calendar year after the calendar year in which the
16
mega project is placed in service and each calendar year
17
thereafter until the earlier of (i) the expiration or
18
termination of the incentive agreement or (ii) the revocation
19
of the mega project certificate.
20

"Investment period" means the period ending 7 years after
21
the date on which the Department issues the mega project
22
certificate, or such other longer period of time as the local
23
municipality and the company may agree to, not to exceed an
24
initial period of 10 years, and subject to extension as
25
provided in Section 10-910 of this Division.
26

"Local municipality" means the city, village, or

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1
incorporated town in which the mega project is located or, if
2
the mega project is located in an unincorporated area, the
3
county in which the mega project is located.
4

"Mega project" means a project that satisfies the minimum
5
investment, investment period, and other requirements of this
6
Division.
7

"Mega project certificate" means a certificate issued by
8
the Department that authorizes an assessment freeze as
9
provided in this Division.
10

"Minimum investment" means an investment in the mega
11
project of at least $500,000,000 in eligible costs within the
12
investment period.
13

"Minority person" means a person who is a citizen or
14
lawful permanent resident of the United States and who is any
15
of the following:
16

(1) American Indian or Alaska Native (a person having
17

origins in any of the original peoples of North and South
18

America, including Central America, and who maintains
19

tribal affiliation or community attachment).
20

(2) Asian (a person having origins in any of the
21

original peoples of the Far East, Southeast Asia, or the
22

Indian subcontinent, including, but not limited to,
23

Cambodia, China, India, Japan, Korea, Malaysia, Pakistan,
24

the Philippine Islands, Thailand, and Vietnam).
25

(3) Black or African American (a person having origins
26

in any of the black racial groups of Africa).

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LRB104 06189 HLH 16224 b
1

(4) Hispanic or Latino (a person of Cuban, Mexican,
2

Puerto Rican, South or Central American, or other Spanish
3

culture or origin, regardless of race).
4

(5) Native Hawaiian or Other Pacific Islander (a
5

person having origins in any of the original peoples of
6

Hawaii, Guam, Samoa, or other Pacific Islands).
7

"Minority-owned business" means a business that is at
8
least 51% owned by one or more minority persons, or in the case
9
of a corporation, at least 51% of the stock of which is owned
10
by one or more minority persons; and the management and daily
11
business operations of which are controlled by one or more of
12
the minority individuals who own it.
13

"Placed in service" means that construction of the mega
14
project is substantially complete, which may be evidenced by
15
issuance of a certificate of occupancy for the mega project by
16
the local municipality or any other governmental body having
17
jurisdiction over construction of the mega project or, if no
18
certificate of occupancy is required as to the mega project,
19
commencement of operations at the mega project site.
20

"Project" means land, buildings, and other improvements on
21
the land, including water, sewage treatment and disposal
22
facilities, air pollution control facilities, and all other
23
machinery, apparatus, equipment, office facilities, related
24
infrastructure, and furnishings which are considered
25
necessary, suitable, or useful by a company and comprise the
26
mega project, including all such property subject to

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assessment under the Property Tax Code.
2

"Special payment" means the annual amount paid in addition
3
to property taxes paid during the incentive period as provided
4
in the incentive agreement.
5

"Taxing district" has the meaning set forth in Section
6
1-150.

7

(35 ILCS 200/10-910 new)
8

Sec. 10-910.
Valuation during incentive period;
9
eligibility.
Property certified by the Department as mega
10
project property pursuant to this Division is eligible for an
11
assessment freeze, as provided in this Division, eliminating
12
from consideration, for assessment purposes during the
13
incentive period, the value added to the property by the
14
project and limiting the total valuation of the property
15
during the incentive period to the base year valuation. If the
16
company does not anticipate completing the project within the
17
investment period, then the local municipality may approve one
18
or more extensions of time to complete the project. However,
19
the local municipality may not extend the investment period
20
for more than 5 years after the last day of the initial term of
21
the investment period. If the extension is not approved as
22
part of the original incentive agreement, the corporate
23
authorities may approve an extension under this Section by
24
resolution, a copy of which must be delivered to the
25
Department within 30 days after the date the resolution is

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LRB104 06189 HLH 16224 b
1
adopted.

2

(35 ILCS 200/10-915 new)
3

Sec. 10-915.
Incentive agreement procedure.
4

(a) To obtain the assessment freeze provided in this
5
Division, the company must enter into an incentive agreement
6
with the local municipality, in the form and manner required
7
by the local municipality. The incentive agreement must be
8
approved by an ordinance adopted by the corporate authorities
9
of the local municipality and must contain all of the
10
provisions required by Section 10-920.
11

(b) The local municipality may not enter into an incentive
12
agreement under this Division unless and until all of the
13
following are considered and approved by a majority of the
14
members of a local review board:
15

(1) the base year;
16

(2) the base year valuation;
17

(3) the amount of the special payment under
18

Section 10-920, including the manner in which the payment
19

will adjust over time; and
20

(4) the manner in which sufficient revenues will
21

be generated and provided, either by the mega project or
22

by alternative sources, to address extraordinary capital
23

needs of the local school districts that will be incurred
24

to meet the demands of students who reside on the subject
25

property and attend a school under the jurisdiction of a

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1

local school district.
2

The local review board shall consist of one representative
3
of each of the following: (i) the local municipality; (ii)
4
each local school district in which the property is located;
5
(iii) each local park district in which the property is
6
located; and (iv) each other taxing district that levy
7
property taxes over any portion of the subject property. The
8
vote of the local review board shall be weighted in proportion
9
to each voting member's district's share of property taxes
10
levied on the portion of the property in question, and each
11
taxing district's vote shall be weighted on a 100-point scale
12
to reflect its proportionate share of the applicable property
13
taxes.

14

(35 ILCS 200/10-920 new)
15

Sec. 10-920.
Contents of incentive agreement.
16

(a) The incentive agreement must require the company to
17
pay, or be responsible for the payment of, an annual special
18
payment to the local municipality, beginning with the first
19
tax year for which the assessment freeze under this Division
20
is applied to the mega project. The amount of the special
21
payment shall be established by the local municipality in the
22
incentive agreement and may be a fixed amount for the duration
23
of the incentive period or may be subject to adjustment
24
(downward or upward) based on factors memorialized in the
25
incentive agreement.

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LRB104 06189 HLH 16224 b
1

(b) The incentive agreement shall obligate the company to
2
operate the mega project at the designated project location
3
for a minimum of 20 years.
4

(c) The incentive agreement may not be effective for a
5
term of less than 23 years nor more than 40 years.
6

(d) The incentive agreement may contain such other terms
7
and conditions as are mutually agreeable to the local
8
municipality and the company and are consistent with the
9
requirements of this Division, including, without limitation,
10
operational and job creation requirements.
11

(e) In addition, all incentive agreements must include, as
12
the first portion of the document, a recapitulation of the
13
remaining contents of the document, including, but not limited
14
to, the following:
15

(1) the legal name of each party to the agreement;
16

(2) the street address of the project and the property
17

subject to the agreement;
18

(3) the agreed minimum investment;
19

(4) the term of the agreement; and
20

(5) a schedule showing the amount of the special
21

payment and its calculation for each year of the
22

agreement.

23

(35 ILCS 200/10-925 new)
24

Sec. 10-925.
Installment bills; distribution of special
25
payments.

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1

(a) The local municipality shall prepare a bill for each
2
installment of the special payment according to the schedule
3
set forth in paragraph (5) of subsection (e) of Section
4
10-920, and that payment must be distributed to each of the
5
affected taxing districts in an amount equal to the taxing
6
district's proportionate share of property taxes due and
7
payable for the property, as evidenced by the most recent
8
property tax bill issued for the subject property.
9

(b) Distribution to taxing districts of the special
10
payments associated with a mega project must be made within 60
11
days after receipt by the local municipality of the special
12
payment amounts.
13

(c) Misallocations of the distribution of the special
14
payments may be corrected by adjusting later distributions,
15
but these adjustments must be made in the next succeeding year
16
following identification and resolution of the misallocation.
17
To the extent that distributions have been made improperly in
18
previous years, claims for adjustment must be made within one
19
year of the distribution.

20

(35 ILCS 200/10-930 new)
21

Sec. 10-930.
Use of revenues.
A taxing district that
22
receives and retains revenues from a special payment under
23
this Division may, in its discretion and in accordance with
24
applicable law, use all or a portion of the revenues for the
25
purposes of financing the issuance of revenue bonds.

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1

(35 ILCS 200/10-935 new)
2

Sec. 10-935.
Termination of incentive agreement; automatic
3
termination; minimum level of investment required to remain
4
qualified for assessment freeze.
5

(a) The local municipality and the company may mutually
6
agree to terminate the incentive agreement at any time. From
7
the date of termination, the mega project is subject to
8
assessment on the basis of the then-current fair cash value.
9

(b) An incentive agreement shall be terminated if the
10
company fails to satisfy the minimum investment level provided
11
in this Division. If the incentive agreement is terminated
12
under this subsection, the mega project is subject to
13
assessment on the basis of the then-current fair cash value
14
beginning in the tax year during which the termination occurs.
15

(c) An incentive agreement shall terminate if, at any
16
time, the company no longer has the minimum level of
17
investment as provided in this Division, without regard to
18
depreciation.

19

(35 ILCS 200/10-940 new)
20

Sec. 10-940.
Mega project applications; certification as a
21
mega project and revocation of certification.
22

(a) The Department shall receive applications for mega
23
project certificates under this Division in a form and manner
24
provided by the Department by rule. The Department shall

HB2789
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1
promptly notify the assessment officer when the Department
2
receives an application under this Section. The Department's
3
rules shall provide that an applicant may request preliminary
4
approval of the mega project before the project begins, before
5
the applicant has entered into a fully executed incentive
6
agreement with the local municipality, or before the project
7
has been placed in service.
8

(b) The Department shall approve an application for a mega
9
project certificate if the Department finds that the project
10
meets the requirements of this Division and upon receipt of
11
each of the following:
12

(1) evidence (to be construed broadly) that the
13

company has invested, or will invest, not less than the
14

minimum investment in the mega project during the
15

investment period;
16

(2) an executed incentive agreement with the local
17

municipality for the mega project, as described in this
18

Section 10-920 of this Division;
19

(3) an executed project labor agreement between the
20

company and the applicable local building trades council
21

for construction of the mega project; and
22

(4) evidence that the company has established the goal
23

of awarding, and has awarded or will award, 20% of the
24

total dollar amount of contracts that are related to the
25

project during each calendar year to minority-owned
26

businesses.

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1

(c) Upon approval of the application, the Department shall
2
issue a mega project certificate to the applicant and transmit
3
a copy to the assessment officer. The certificate shall
4
identify the property on which the mega project is located.
5

(d) For each calendar year following issuance of the mega
6
project certificate, until the minimum investment requirements
7
have been met and the mega project has been placed in service,
8
the company shall deliver a report to the Department on the
9
status of construction or creation of the mega project and the
10
amount of minimum investment made in the mega project during
11
the preceding calendar year. If the Department determines, in
12
accordance with the Administrative Review Law and the Illinois
13
Administrative Procedure Act, that a project for which a
14
certificate has been issued has not met the minimum investment
15
requirements of this Division within the investment period,
16
the Department shall revoke the certificate by written notice
17
to the taxpayer of record and transmit a copy of the revocation
18
to the assessment officer.
19

(e) If the local municipality notifies the Department that
20
the incentive agreement between the company and the local
21
municipality has been terminated, the Department shall revoke
22
the certificate by written notice to the taxpayer of record
23
and transmit a copy of the revocation to the assessment
24
officer.

25

(35 ILCS 200/10-945 new)

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1

Sec. 10-945.
Computation of valuation.
2

(a) Upon receipt of the mega project certificate from the
3
Department, the assessment officer shall determine the base
4
year valuation and shall make a notation on each statement of
5
assessment during the incentive period that the valuation of
6
the project is based upon the issuance of a mega project
7
certificate.
8

(b) Upon revocation of a mega project certificate, the
9
assessment officer shall compute the assessed valuation of the
10
project on the basis of the then-current fair cash value of the
11
property.

12

(35 ILCS 200/10-950 new)
13

Sec. 10-950.
Transfers of interest in a mega project;
14
sale-leaseback arrangement; requirements.
15

(a) Subject to the terms of the incentive agreement
16
between the company and the local municipality, ownership of
17
or any interest in the mega project and any and all related
18
project property, including, without limitation, transfers of
19
indirect beneficial interests and equity interests in a
20
company owning a mega project, shall not affect the assessment
21
freeze or the validity of the mega project certificate issued
22
under this Division. Notwithstanding the provisions of this
23
subsection, the incentive agreement shall be a covenant
24
running with the land.
25

(b) A company may enter into lending, financing, security,

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1
leasing, or similar arrangements, or a succession of such
2
arrangements, with a financing entity concerning all or part
3
of a project including, without limitation, a sale-leaseback
4
arrangement, equipment lease, build-to-suit lease, synthetic
5
lease, nordic lease, defeased tax benefit, or transfer lease,
6
an assignment, sublease, or similar arrangement, or succession
7
of those arrangements, with one or more financing entities
8
concerning all or part of a project, regardless of the
9
identity of the income tax or fee owner of the mega project.
10
Neither the original transfer to the financing entity nor the
11
later transfer from the financing entity back to the company,
12
pursuant to terms in the sale-leaseback agreement, shall
13
affect the assessment freeze or the validity of the mega
14
project certificate issued under this Division, regardless of
15
whether the income tax basis is changed for income tax
16
purposes. For purposes of this Division, if a single company
17
enters into a financing arrangement of the type described in
18
this subsection (b), the investment in or financing of the
19
property by a developer, lessor, financing entity, or other
20
third party in accordance with this arrangement is considered
21
investment by the company. Investment by a related person to
22
the company is considered investment by the company.
23

(c) The Department must receive notice of all transfers
24
undertaken with respect to other projects to effect a
25
financing. Notice shall be made in writing within 60 days
26
after the transfer, identifying each transferee and containing

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1
other information required by the Department with the
2
appropriate returns. Failure to meet this notice requirement
3
does not adversely affect the assessment freeze.

4

(35 ILCS 200/10-955 new)
5

Sec. 10-955.
Minimum investment by company affiliates.
To
6
be eligible for the benefits of this Division, a company must
7
invest the minimum investment. Investments by company
8
affiliates during the investment period may be applied toward
9
the minimum investment under this Division regardless of
10
whether the company affiliate was part of the project. To
11
qualify for the assessment freeze, the minimum investments
12
pursuant must be at the mega project.

13

(35 ILCS 200/10-960 new)
14

Sec. 10-960.
Projects to be valued at fair cash value for
15
purposes of bonded indebtedness and limitations on property
16
tax extensions.
Projects to which an assessment freeze applies
17
pursuant to this Division shall be valued at their fair cash
18
value for purposes of calculating a municipality's general
19
obligation bond limits and a taxing district's limitation on
20
tax extensions.

21

(35 ILCS 200/10-965 new)
22

Sec. 10-965.
Abatements.
Any taxing district, upon a
23
majority vote of its governing authority, may, after the

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determination of the assessed valuation as set forth in this
2
Division, order the clerk of the appropriate municipality or
3
county to abate any portion of real property taxes otherwise
4
levied or extended by the taxing district on a mega project.

5

(35 ILCS 200/10-970 new)
6

Sec. 10-970.
Filing of returns, contracts, and other
7
information; due date of payments and returns.
8

(a) The company and the local municipality shall file
9
notices, reports, and other information as required by the
10
Department.
11

(b) Special payments are due at the same time as property
12
tax payments and property tax returns are due for the mega
13
project property.
14

(c) Failure to make a timely special payment results in
15
the assessment of penalties as if the payment were a
16
delinquent property tax payment or return.
17

(d) Within 30 days after the date of execution of an
18
incentive agreement, a copy of the incentive agreement must be
19
filed with the Department, the county assessor, and the county
20
auditor for the county in which the mega project is located.

21

(35 ILCS 200/10-980 new)
22

Sec. 10-980.
Rules.
The Department may issue rulings and
23
adopt rules as necessary to carry out the purpose of this
24
Division.

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(35 ILCS 200/10-990 new)
2

Sec. 10-990.
Invalidity.
If all or any part of this
3
Division is determined to be unconstitutional or otherwise
4
unenforceable by a court of competent jurisdiction, a company
5
has 180 days from the date of the determination to transfer
6
title to a mega project to an authorized economic development
7
authority, which may qualify for property tax assessment under
8
this Division or which may be exempt from property taxes.

9

Section 97.
Severability.
The provisions of this Act are
10
severable under Section 1.31 of the Statute on Statutes.

11

Section 99.
Effective date.
This Act takes effect June 1,
12
2025.

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