IL HB2403

Creates the "Megaproject Assessment Freeze and Payment Law" providing property tax assessment freezes for qualifying projects that invest at least $100,000,000 and create at least 100 new full-time jobs in Illinois

Exempts megaproject building materials from State and local use taxes and retailers' occupation taxes for an initial period of up to 10 years, with possible 5-year renewal; exemption certificates cannot be issued after December 31, 2031

Requires megaproject developers to enter into incentive agreements with local municipalities and taxing districts, including annual special payments in lieu of increased property taxes, with the assessment freeze lasting up to 23 years (extendable to 40 years)

Mandates project labor agreements with local building trades councils and establishes a goal of awarding 20% of contracts to minority-owned businesses for qualifying megaprojects

Excludes sports stadiums from megaproject eligibility unless approved by General Assembly joint resolution, and prohibits projects in Tax Increment Financing (TIF) districts from receiving the assessment freeze benefits