Bill Status of SB1514  104th General Assembly

Short Description:  REVENUE-MEGAPROJECT

Senate Sponsors
Sen. Mark L. Walker

Last Action
DateChamber Action
  2/4/2025SenateReferred to Assignments

Statutes Amended In Order of Appearance
20 ILCS 605/605-1118 new
35 ILCS 105/12from Ch. 120, par. 439.12
35 ILCS 110/12from Ch. 120, par. 439.42
35 ILCS 115/12from Ch. 120, par. 439.112
35 ILCS 120/2-28 new
35 ILCS 200/Art. 10 Div. 22 heading new
35 ILCS 200/10-910 new
35 ILCS 200/10-915 new
35 ILCS 200/10-920 new
35 ILCS 200/10-925 new
35 ILCS 200/10-927 new
35 ILCS 200/10-930 new
35 ILCS 200/10-937 new
35 ILCS 200/10-938 new
35 ILCS 200/10-940 new
35 ILCS 200/10-945 new
35 ILCS 200/10-950 new
35 ILCS 200/10-955 new
35 ILCS 200/10-960 new
35 ILCS 200/10-965 new
35 ILCS 200/10-970 new
35 ILCS 200/10-980 new
35 ILCS 200/10-985 new
35 ILCS 200/10-987 new
35 ILCS 200/10-995 new
35 ILCS 200/10-1000 new


Synopsis As Introduced
Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Provides that the Department of Commerce and Economic Opportunity may certify a taxpayer for an exemption from any State or local use tax or retailers' occupation tax on building materials that will be incorporated into real estate at a megaproject site. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that a retailer that makes a qualified sale of building materials to be incorporated into real estate at a megaproject site may deduct the receipts from such sales when calculating the taxes imposed by those Acts. Amends the Property Tax Code. Creates the Megaproject Assessment Freeze and Payment Law. 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. Effective July 1, 2025.

Actions 
DateChamber Action
  2/4/2025SenateFiled with Secretary by Sen. Mark L. Walker
  2/4/2025SenateFirst Reading
  2/4/2025SenateReferred to Assignments