HB5015 - Megaproject Tax Stability Act

• Establishes the "Megaproject Assessment Freeze and Payment Law" allowing properties with $250+ million in eligible investments during a 7-10 year period to qualify for a property tax assessment freeze at base year valuation during the incentive period.

• Creates a local oversight board comprising the municipality and local taxing districts to approve megaproject applications, enter into incentive agreements, and require companies to make annual special payments in lieu of increased taxes.

• Requires megaproject companies to enter into project labor agreements with local building trades councils and establish a goal of awarding 20% of project-related contracts to minority-owned businesses.

• Exempts qualified tangible personal property used in megaproject construction or operation from Use Tax Act, Service Use Tax Act, Service Occupation Tax Act, and Retailers' Occupation Tax Act.

• Takes effect June 1, 2024 and allows assessment freeze to continue for up to 23 years with potential extension to 40 years total upon finding of substantial public benefit.