IL HB2789

Creates the "Mega Project Assessment Freeze and Payment Law" allowing property tax assessment freezes for large-scale projects that invest at least $500,000,000 in eligible costs within a 7-10 year investment period

Freezes property assessments at the base year valuation during the incentive period (23-40 years), excluding any value added by the project from assessment calculations

Requires companies to enter incentive agreements with local municipalities obligating them to make annual "special payments" in addition to property taxes, which are distributed proportionally to affected taxing districts

Mandates approval by a weighted-vote local review board (including school districts, park districts, and other taxing bodies) before incentive agreements can be executed

Requires project labor agreements with local building trades councils and a goal of awarding 20% of contracts to minority-owned businesses; companies must operate the project at the location for a minimum of 20 years