HB 2789

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Full Text of HB2789
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	HB2789 - 104th General Assembly
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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,
3represented in the General Assembly:
4    Section 5. The Property Tax Code is amended by adding
5Division 22 of Article 10 as follows:
6    (35 ILCS 200/Art. 10 Div. 22 heading new)
7Division 22.  Mega project property
8    (35 ILCS 200/10-900 new)
9    Sec. 10-900. Findings. The State's economy is highly 
10vulnerable to other states that have major financial incentive 
11programs and competitive tax incentives. Certain businesses 
12and commercial operations that generate significant economic 
13activity bear a disproportionately high property tax burden 
14compared to their impact on government services and compared 
15to their positive economic benefits to the State and the local 
16economy and their derivative benefits to taxing districts. To 
17incentivize the significant capital investment and economic 
18activity of certain large-scale businesses and industrial and 
19commercial operations, the State finds that a valuation 
20procedure for real property taxes on special properties, known 
21as mega projects, will reduce barriers to investment and 
22promote economic activity in Illinois. The General Assembly 
		HB2789	- 2 -	LRB104 06189 HLH 16224 b
1finds that it is in the best interest of the State to establish 
2a new category of valuation for mega projects that recognizes 
3their complexity and encourages local development at 
4underutilized properties.
5    (35 ILCS 200/10-905 new)
6    Sec. 10-905. Mega Project Assessment Freeze and Payment 
7Law; definitions. This Division 22 may be cited as the Mega 
8Project Assessment Freeze and Payment Law.
9As used in this Division:
10    "Assessment officer" means the chief county assessment 
11officer of the county in which the mega project is located.
12    "Base year" means the base year identified in the 
13incentive agreement and approved by the local review board 
14pursuant to subsection (b) of Section 10-915.
15    "Base year valuation" means the assessed value, in the 
16base year, of the property comprising the mega project.
17    "Company" means one or more entities whose aggregate 
18investment in the mega project meets the minimum investment 
19required under this Division. The term company shall include a 
20company affiliate unless the context clearly indicates 
21otherwise.
22    "Company affiliate" means an entity that joins with or is 
23an affiliate of a company and that participates in the 
24investment in, or financing of, a mega project.
25    "Department" means the Department of Revenue.
		HB2789	- 3 -	LRB104 06189 HLH 16224 b
1    "Eligible costs" means all costs incurred by or on behalf 
2of, or allocated to, a company prior to the Department's 
3issuance of the mega project certificate or during the 
4investment period to create or construct a mega project. 
5"Eligible costs" include costs incurred up to 5 years prior to 
6the date of adoption of the ordinance approving the incentive 
7agreement.
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 
		HB2789	- 4 -	LRB104 06189 HLH 16224 b
1    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, 
7corporation, limited liability company, association, or other 
8business enterprise.
9    "Incentive agreement" means an agreement between a company 
10and a local municipality obligating the company to make the 
11special payment under this Division, in addition to paying 
12property taxes, during the incentive period for a mega 
13project.
14    "Incentive period" means the period beginning on the first 
15day of the calendar year after the calendar year in which the 
16mega project is placed in service and each calendar year 
17thereafter until the earlier of (i) the expiration or 
18termination of the incentive agreement or (ii) the revocation 
19of the mega project certificate.
20    "Investment period" means the period ending 7 years after 
21the date on which the Department issues the mega project 
22certificate, or such other longer period of time as the local 
23municipality and the company may agree to, not to exceed an 
24initial period of 10 years, and subject to extension as 
25provided in Section 10-910 of this Division.
26    "Local municipality" means the city, village, or 
		HB2789	- 5 -	LRB104 06189 HLH 16224 b
1incorporated town in which the mega project is located or, if 
2the mega project is located in an unincorporated area, the 
3county in which the mega project is located.
4    "Mega project" means a project that satisfies the minimum 
5investment, investment period, and other requirements of this 
6Division.
7    "Mega project certificate" means a certificate issued by 
8the Department that authorizes an assessment freeze as 
9provided in this Division.
10    "Minimum investment" means an investment in the mega 
11project of at least $500,000,000 in eligible costs within the 
12investment period.
13    "Minority person" means a person who is a citizen or 
14lawful permanent resident of the United States and who is any 
15of 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).
		HB2789	- 6 -	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 
8least 51% owned by one or more minority persons, or in the case 
9of a corporation, at least 51% of the stock of which is owned 
10by one or more minority persons; and the management and daily 
11business operations of which are controlled by one or more of 
12the minority individuals who own it.
13    "Placed in service" means that construction of the mega 
14project is substantially complete, which may be evidenced by 
15issuance of a certificate of occupancy for the mega project by 
16the local municipality or any other governmental body having 
17jurisdiction over construction of the mega project or, if no 
18certificate of occupancy is required as to the mega project, 
19commencement of operations at the mega project site.
20    "Project" means land, buildings, and other improvements on 
21the land, including water, sewage treatment and disposal 
22facilities, air pollution control facilities, and all other 
23machinery, apparatus, equipment, office facilities, related 
24infrastructure, and furnishings which are considered 
25necessary, suitable, or useful by a company and comprise the 
26mega project, including all such property subject to 
		HB2789	- 7 -	LRB104 06189 HLH 16224 b
1assessment under the Property Tax Code.
2    "Special payment" means the annual amount paid in addition 
3to property taxes paid during the incentive period as provided 
4in the incentive agreement.
5    "Taxing district" has the meaning set forth in Section 
61-150.
7    (35 ILCS 200/10-910 new)
8    Sec. 10-910. Valuation during incentive period; 
9eligibility. Property certified by the Department as mega 
10project property pursuant to this Division is eligible for an 
11assessment freeze, as provided in this Division, eliminating 
12from consideration, for assessment purposes during the 
13incentive period, the value added to the property by the 
14project and limiting the total valuation of the property 
15during the incentive period to the base year valuation. If the 
16company does not anticipate completing the project within the 
17investment period, then the local municipality may approve one 
18or more extensions of time to complete the project. However, 
19the local municipality may not extend the investment period 
20for more than 5 years after the last day of the initial term of 
21the investment period. If the extension is not approved as 
22part of the original incentive agreement, the corporate 
23authorities may approve an extension under this Section by 
24resolution, a copy of which must be delivered to the 
25Department within 30 days after the date the resolution is 
		HB2789	- 8 -	LRB104 06189 HLH 16224 b
1adopted.
2    (35 ILCS 200/10-915 new)
3    Sec. 10-915. Incentive agreement procedure.
4    (a) To obtain the assessment freeze provided in this 
5Division, the company must enter into an incentive agreement 
6with the local municipality, in the form and manner required 
7by the local municipality. The incentive agreement must be 
8approved by an ordinance adopted by the corporate authorities 
9of the local municipality and must contain all of the 
10provisions required by Section 10-920.
11    (b) The local municipality may not enter into an incentive 
12agreement under this Division unless and until all of the 
13following are considered and approved by a majority of the 
14members 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 
		HB2789	- 9 -	LRB104 06189 HLH 16224 b
1    local school district.
2    The local review board shall consist of one representative 
3of each of the following: (i) the local municipality; (ii) 
4each local school district in which the property is located; 
5(iii) each local park district in which the property is 
6located; and (iv) each other taxing district that levy 
7property taxes over any portion of the subject property. The 
8vote of the local review board shall be weighted in proportion 
9to each voting member's district's share of property taxes 
10levied on the portion of the property in question, and each 
11taxing district's vote shall be weighted on a 100-point scale 
12to reflect its proportionate share of the applicable property 
13taxes.
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 
17pay, or be responsible for the payment of, an annual special 
18payment to the local municipality, beginning with the first 
19tax year for which the assessment freeze under this Division 
20is applied to the mega project. The amount of the special 
21payment shall be established by the local municipality in the 
22incentive agreement and may be a fixed amount for the duration 
23of the incentive period or may be subject to adjustment 
24(downward or upward) based on factors memorialized in the 
25incentive agreement.
		HB2789	- 10 -	LRB104 06189 HLH 16224 b
1    (b) The incentive agreement shall obligate the company to 
2operate the mega project at the designated project location 
3for a minimum of 20 years.
4    (c) The incentive agreement may not be effective for a 
5term of less than 23 years nor more than 40 years.
6    (d) The incentive agreement may contain such other terms 
7and conditions as are mutually agreeable to the local 
8municipality and the company and are consistent with the 
9requirements of this Division, including, without limitation, 
10operational and job creation requirements.
11    (e) In addition, all incentive agreements must include, as 
12the first portion of the document, a recapitulation of the 
13remaining contents of the document, including, but not limited 
14to, 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 
25payments.
		HB2789	- 11 -	LRB104 06189 HLH 16224 b
1    (a) The local municipality shall prepare a bill for each 
2installment of the special payment according to the schedule 
3set forth in paragraph (5) of subsection (e) of Section 
410-920, and that payment must be distributed to each of the 
5affected taxing districts in an amount equal to the taxing 
6district's proportionate share of property taxes due and 
7payable for the property, as evidenced by the most recent 
8property tax bill issued for the subject property.
9    (b) Distribution to taxing districts of the special 
10payments associated with a mega project must be made within 60 
11days after receipt by the local municipality of the special 
12payment amounts.
13    (c) Misallocations of the distribution of the special 
14payments may be corrected by adjusting later distributions, 
15but these adjustments must be made in the next succeeding year 
16following identification and resolution of the misallocation. 
17To the extent that distributions have been made improperly in 
18previous years, claims for adjustment must be made within one 
19year of the distribution.
20    (35 ILCS 200/10-930 new)
21    Sec. 10-930. Use of revenues. A taxing district that 
22receives and retains revenues from a special payment under 
23this Division may, in its discretion and in accordance with 
24applicable law, use all or a portion of the revenues for the 
25purposes of financing the issuance of revenue bonds.
		HB2789	- 12 -	LRB104 06189 HLH 16224 b
1    (35 ILCS 200/10-935 new)
2    Sec. 10-935. Termination of incentive agreement; automatic 
3termination; minimum level of investment required to remain 
4qualified for assessment freeze.
5    (a) The local municipality and the company may mutually 
6agree to terminate the incentive agreement at any time. From 
7the date of termination, the mega project is subject to 
8assessment on the basis of the then-current fair cash value.
9    (b) An incentive agreement shall be terminated if the 
10company fails to satisfy the minimum investment level provided 
11in this Division. If the incentive agreement is terminated 
12under this subsection, the mega project is subject to 
13assessment on the basis of the then-current fair cash value 
14beginning in the tax year during which the termination occurs.
15    (c) An incentive agreement shall terminate if, at any 
16time, the company no longer has the minimum level of 
17investment as provided in this Division, without regard to 
18depreciation.
19    (35 ILCS 200/10-940 new)
20    Sec. 10-940. Mega project applications; certification as a 
21mega project and revocation of certification.
22    (a) The Department shall receive applications for mega 
23project certificates under this Division in a form and manner 
24provided by the Department by rule. The Department shall 
		HB2789	- 13 -	LRB104 06189 HLH 16224 b
1promptly notify the assessment officer when the Department 
2receives an application under this Section. The Department's 
3rules shall provide that an applicant may request preliminary 
4approval of the mega project before the project begins, before 
5the applicant has entered into a fully executed incentive 
6agreement with the local municipality, or before the project 
7has been placed in service.
8    (b) The Department shall approve an application for a mega 
9project certificate if the Department finds that the project 
10meets the requirements of this Division and upon receipt of 
11each 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.
		HB2789	- 14 -	LRB104 06189 HLH 16224 b
1    (c) Upon approval of the application, the Department shall 
2issue a mega project certificate to the applicant and transmit 
3a copy to the assessment officer. The certificate shall 
4identify the property on which the mega project is located.
5    (d) For each calendar year following issuance of the mega 
6project certificate, until the minimum investment requirements 
7have been met and the mega project has been placed in service, 
8the company shall deliver a report to the Department on the 
9status of construction or creation of the mega project and the 
10amount of minimum investment made in the mega project during 
11the preceding calendar year. If the Department determines, in 
12accordance with the Administrative Review Law and the Illinois 
13Administrative Procedure Act, that a project for which a 
14certificate has been issued has not met the minimum investment 
15requirements of this Division within the investment period, 
16the Department shall revoke the certificate by written notice 
17to the taxpayer of record and transmit a copy of the revocation 
18to the assessment officer.
19    (e) If the local municipality notifies the Department that 
20the incentive agreement between the company and the local 
21municipality has been terminated, the Department shall revoke 
22the certificate by written notice to the taxpayer of record 
23and transmit a copy of the revocation to the assessment 
24officer.
25    (35 ILCS 200/10-945 new)
		HB2789	- 15 -	LRB104 06189 HLH 16224 b
1    Sec. 10-945. Computation of valuation.
2    (a) Upon receipt of the mega project certificate from the 
3Department, the assessment officer shall determine the base 
4year valuation and shall make a notation on each statement of 
5assessment during the incentive period that the valuation of 
6the project is based upon the issuance of a mega project 
7certificate.
8    (b) Upon revocation of a mega project certificate, the 
9assessment officer shall compute the assessed valuation of the 
10project on the basis of the then-current fair cash value of the 
11property.
12    (35 ILCS 200/10-950 new)
13    Sec. 10-950. Transfers of interest in a mega project; 
14sale-leaseback arrangement; requirements.
15    (a) Subject to the terms of the incentive agreement 
16between the company and the local municipality, ownership of 
17or any interest in the mega project and any and all related 
18project property, including, without limitation, transfers of 
19indirect beneficial interests and equity interests in a 
20company owning a mega project, shall not affect the assessment 
21freeze or the validity of the mega project certificate issued 
22under this Division. Notwithstanding the provisions of this 
23subsection, the incentive agreement shall be a covenant 
24running with the land.
25    (b) A company may enter into lending, financing, security, 
		HB2789	- 16 -	LRB104 06189 HLH 16224 b
1leasing, or similar arrangements, or a succession of such 
2arrangements, with a financing entity concerning all or part 
3of a project including, without limitation, a sale-leaseback 
4arrangement, equipment lease, build-to-suit lease, synthetic 
5lease, nordic lease, defeased tax benefit, or transfer lease, 
6an assignment, sublease, or similar arrangement, or succession 
7of those arrangements, with one or more financing entities 
8concerning all or part of a project, regardless of the 
9identity of the income tax or fee owner of the mega project. 
10Neither the original transfer to the financing entity nor the 
11later transfer from the financing entity back to the company, 
12pursuant to terms in the sale-leaseback agreement, shall 
13affect the assessment freeze or the validity of the mega 
14project certificate issued under this Division, regardless of 
15whether the income tax basis is changed for income tax 
16purposes. For purposes of this Division, if a single company 
17enters into a financing arrangement of the type described in 
18this subsection (b), the investment in or financing of the 
19property by a developer, lessor, financing entity, or other 
20third party in accordance with this arrangement is considered 
21investment by the company. Investment by a related person to 
22the company is considered investment by the company.
23    (c) The Department must receive notice of all transfers 
24undertaken with respect to other projects to effect a 
25financing. Notice shall be made in writing within 60 days 
26after the transfer, identifying each transferee and containing 
		HB2789	- 17 -	LRB104 06189 HLH 16224 b
1other information required by the Department with the 
2appropriate returns. Failure to meet this notice requirement 
3does not adversely affect the assessment freeze.
4    (35 ILCS 200/10-955 new)
5    Sec. 10-955. Minimum investment by company affiliates. To 
6be eligible for the benefits of this Division, a company must 
7invest the minimum investment. Investments by company 
8affiliates during the investment period may be applied toward 
9the minimum investment under this Division regardless of 
10whether the company affiliate was part of the project. To 
11qualify for the assessment freeze, the minimum investments 
12pursuant 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 
15purposes of bonded indebtedness and limitations on property 
16tax extensions. Projects to which an assessment freeze applies 
17pursuant to this Division shall be valued at their fair cash 
18value for purposes of calculating a municipality's general 
19obligation bond limits and a taxing district's limitation on 
20tax extensions.
21    (35 ILCS 200/10-965 new)
22    Sec. 10-965. Abatements. Any taxing district, upon a 
23majority vote of its governing authority, may, after the 
		HB2789	- 18 -	LRB104 06189 HLH 16224 b
1determination of the assessed valuation as set forth in this 
2Division, order the clerk of the appropriate municipality or 
3county to abate any portion of real property taxes otherwise 
4levied 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 
7information; due date of payments and returns.
8    (a) The company and the local municipality shall file 
9notices, reports, and other information as required by the 
10Department.
11    (b) Special payments are due at the same time as property 
12tax payments and property tax returns are due for the mega 
13project property.
14    (c) Failure to make a timely special payment results in 
15the assessment of penalties as if the payment were a 
16delinquent property tax payment or return.
17    (d) Within 30 days after the date of execution of an 
18incentive agreement, a copy of the incentive agreement must be 
19filed with the Department, the county assessor, and the county 
20auditor 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 
23adopt rules as necessary to carry out the purpose of this 
24Division.
		HB2789	- 19 -	LRB104 06189 HLH 16224 b
1    (35 ILCS 200/10-990 new)
2    Sec. 10-990. Invalidity. If all or any part of this 
3Division is determined to be unconstitutional or otherwise 
4unenforceable by a court of competent jurisdiction, a company 
5has 180 days from the date of the determination to transfer 
6title to a mega project to an authorized economic development 
7authority, which may qualify for property tax assessment under 
8this Division or which may be exempt from property taxes.
9    Section 97. Severability. The provisions of this Act are
10severable under Section 1.31 of the Statute on Statutes.
11    Section 99. Effective date. This Act takes effect June 1,
122025.