IL SB3578

Creates the Big Empties Site Act allowing counties and municipalities to designate qualified vacant buildings as "Big Empties Sites" (buildings of at least 1,000,000 sq ft in Cook County area or 500,000 sq ft elsewhere) for economic development incentives.

Establishes certification process through the Department of Commerce and Economic Opportunity with a maximum 15-year certification term and requires local ordinance designation before state application.

Provides tax incentives including 0.5% income tax credit for qualified property investments, exemptions from sales/use taxes on building materials and software, and property tax abatement up to 50% at taxing districts' discretion.

Exempts Big Empties Site owners from utility tax pass-through charges if they invest at least $75,000,000 at the site, with exemption period not to exceed 15 years or the site's certified term.

Effective immediately upon enactment, allowing for retroactive application to investments made at designated sites beginning January 1, 2019.