SB2036 - Big Empties Site Act Summary

• Creates the "Big Empties Site Act" to designate and provide tax incentives for large vacant industrial buildings in Illinois (1+ million sq ft in Cook County area counties; 500,000+ sq ft elsewhere).

• Establishes a certification process where counties/municipalities can apply to the Department of Commerce and Economic Opportunity to designate qualified vacant sites, with certificates valid for up to 15 years.

• Provides multiple tax incentives for Big Empties Sites including income tax credits (0.5% of property basis), use tax exemptions for software and computer equipment, sales tax exemptions for building materials, and utility tax exemptions.

• Allows taxing districts to abate up to 50% of property taxes on certified Big Empties Sites through majority vote of governing authority.

• Requires minimum $75 million investment at a site to qualify for utility tax exemption, with exemption period not to exceed 15 years.