HB2789 introduces a new category of property tax assessment for "mega projects" in Illinois, providing an assessment freeze and special payments.
HB2789 creates a new category of property tax assessment for "mega projects" in Illinois, aiming to incentivize significant capital investments and economic activities. The bill defines "mega project" as a project meeting specific minimum investment, investment period, and other requirements. Property certified as a mega project is eligible for an assessment freeze, meaning the value added by the project is not considered for assessment purposes during the incentive period.
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