Illinois House Bill 5545

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on February 9 2024 - 25% progression
Action: 2024-04-05 - Committee/3rd Reading Deadline Extended-Rule May 24, 2024
Pending: House Property Tax Committee
Text: Latest bill text (Introduced) [HTML]

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.

REVENUE-MEGAPROJECTS

Rep. Jay Hoffman [D]

Rep. Mark Walker [D]

Date	Chamber	Action
2024-04-05	House	Committee/3rd Reading Deadline Extended-Rule May 24, 2024
2024-03-11	House	Added Chief Co-Sponsor Rep. Mark L. Walker
2024-03-08	House	To Revenue - Property Tax Subcommittee
2024-02-28	House	Assigned to Revenue & Finance Committee
2024-02-09	House	Referred to Rules Committee
2024-02-09	House	First Reading
2024-02-09	House	Filed with the Clerk by Rep. Jay Hoffman

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	10-1000	New Code	See Bill Text
35	200	10-22	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	10-927	New Code	See Bill Text
35	200	10-930	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	10-985	New Code	See Bill Text
35	200	10-990	New Code	See Bill Text
35	200	10-995	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5545&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB5545.htm