Illinois House Bill 5015

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 7 2024 - 25% progression
Action: 2024-04-05 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Property Tax Code. Provides that certain property may be certified by the Department of Revenue as containing a megaproject. Provides that a "megaproject" is a project with respect to which a company makes a specified investment during a specified investment period. 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 an oversight board established by the local municipality and 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 operation of a megaproject is exempt from the taxes imposed under those Acts. Effective June 1, 2024.

REVENUE-MEGAPROJECTS

Sen. Mark Walker [D]

Date	Chamber	Action
2024-04-05	House	Rule 19(a) / Re-referred to Rules Committee
2024-03-08	House	To Revenue - Property Tax Subcommittee
2024-02-28	House	Assigned to Revenue & Finance Committee
2024-02-08	House	Referred to Rules Committee
2024-02-08	House	First Reading
2024-02-07	House	Filed with the Clerk by Rep. Mark L. Walker

Chapter	Article	Section	Citation Type	Statute Text
35	105	3-5	Amended Code	Citation Text
35	110	3-5	Amended Code	Citation Text
35	115	3-5	Amended Code	Citation Text
35	120	2-5	Amended Code	Citation Text
35	200	10-22	New Code	See Bill Text
35	200	10-900	New Code	See Bill Text
35	200	10-910	New Code	See Bill Text
35	200	10-915	New Code	See Bill Text
35	200	10-920	New Code	See Bill Text
35	200	10-925	New Code	See Bill Text
35	200	10-930	New Code	See Bill Text
35	200	10-932	New Code	See Bill Text
35	200	10-935	New Code	See Bill Text
35	200	10-937	New Code	See Bill Text
35	200	10-940	New Code	See Bill Text
35	200	10-945	New Code	See Bill Text
35	200	10-950	New Code	See Bill Text
35	200	10-955	New Code	See Bill Text
35	200	10-960	New Code	See Bill Text
35	200	10-965	New Code	See Bill Text
35	200	10-970	New Code	See Bill Text
35	200	10-980	New Code	See Bill Text
35	200	10-990	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5015&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB5015.htm