SB1514 establishes tax exemptions and assessment freezes for megaprojects, requiring companies to meet investment and job creation criteria.

SB1514 creates the Megaproject Assessment Freeze and Payment Law, defining "megaproject" as a project meeting specific criteria. Companies must invest at least $100 million and create 100 new full-time jobs to qualify. The Department of Commerce and Economic Opportunity can issue tax exemption certificates for building materials used in megaprojects. Companies must enter into incentive agreements with local municipalities and taxing districts, making special payments. Megaproject property is eligible for an assessment freeze, and companies must report annually on investment and job creation.

SB1514 establishes tax exemptions and assessment freezes for megaprojects, requiring companies to meet investment and job creation criteria.

SB1514 creates the Megaproject Assessment Freeze and Payment Law, defining "megaproject" as a project meeting specific criteria. Companies must invest at least $100 million and create 100 new full-time jobs to qualify. The Department of Commerce and Economic Opportunity can issue tax exemption certificates for building materials used in megaprojects. Companies must enter into incentive agreements with local municipalities and taxing districts, making special payments. Megaproject property is eligible for an assessment freeze, and companies must report annually on investment and job creation.