HB3306 - Big Empties Site Act

• Creates the Big Empties Site Act to designate and provide tax incentives for vacant, unused large buildings (1 million+ sq ft in Cook County region, 500,000+ sq ft elsewhere) under common ownership.

• Allows counties or municipalities to designate qualifying sites as "Big Empties Sites" after adoption of local ordinance and Department of Commerce and Economic Opportunity certification (maximum 15-year term).

• Provides income tax credits (0.5% of basis), sales/use tax exemptions on software and building materials, and property tax abatement (up to 50%) for investments at designated sites.

• Grants utility tax exemptions for Big Empties Site owners making minimum $75 million investments and exempts qualifying software/equipment purchases from state and local sales taxes beginning January 1, 2020.

• Takes effect upon becoming law with provisions effective immediately for all tax incentive provisions.