HB2403 establishes tax incentives for megaprojects in Illinois, including assessment freezes, tax exemptions, and special payments.
HB2403 creates the Megaproject Assessment Freeze and Payment Law, providing tax incentives for projects meeting specific investment and job creation criteria. Companies operating megaprojects can enter into incentive agreements with local municipalities and taxing districts, resulting in an assessment freeze for the property. Companies must make annual special payments to these entities.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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