HB4058

Illinois HB4058 establishes tax incentives for megaprojects, including exemptions and assessment freezes for certain building materials and property.

HB4058 creates the Megaproject Assessment Freeze and Payment Law, providing tax incentives for megaprojects in Illinois. It allows for an assessment freeze on property taxes for megaprojects and exempts building materials from state and local use taxes and retailers' occupation taxes. Companies must meet investment and job creation requirements to qualify. The bill also mandates special payments to local municipalities and taxing districts. It defines terms such as "megaproject," "minimum investment," and "full-time employee." The law takes effect July 1, 2025.