Welch, House Democrats Advance Major Property Tax Relief and Economic Development Package
SPRINGFIELD, Ill. – Large economic development projects will create jobs and promote community investment while also delivering direct property tax relief for working people under a major “megaproject” bill passed by Speaker Emanuel “Chris” Welch and House Democrats.
“Big construction projects can bring jobs and investment, but they should also mean real relief for working people. That’s why our package ensures everyday Illinoisans receive property tax relief while empowering local communities to strengthen our economy,” Welch said. “This is bigger than any one project or any one community; it’s a statewide tool for economic development, that pairs that investment with real relief for the people who need it most.”
Welch and Rep. Kam Buckner worked to pass House Bill 910, which provides communities across Illinois with new tools to incentivize economic development projects that meet specific metrics for job creation and economic investment. One such project is a potential Chicago Bears stadium in Illinois, with many other developments being considered around the state. Through extensive negotiation, Welch and Buckner ensured these projects also direct property tax relief to homeowners across Illinois.
The package empowers communities to negotiate Payments in Lieu of Taxation (PILOT) agreements with large developers, while directing half of the developers’ payments into the Illinois Property Tax Relief Fund. Homeowners in the community that houses the “megaproject” will receive 60% of the Property Tax Relief Fund payments in the form of grants on their tax bills, while 40% of these payments will fund these same grants for homeowners statewide.
The measure would also spur similar deals that would allow for former railyard sites to be reimagined, including the Michael Reese site and the 78 site in Chicago, and 18 intermodal facilities across Cook County that stand to be affected by the Union Pacific and Norfolk Southern rail merger.
House Bill 910 further creates tools for smaller communities to develop new tourism and entertainment revenue through to-be-established “New Opportunities for Vacation and Adventure” (NOVA) Districts—connecting communities across Illinois with development and financial assistance for infrastructure designed to expand jobs and attract tourists.
