Illinois Governor J.B. Pritzker pushed back on concerns that proposed legislation, dubbed the “Megaprojects Bill,” would cause a sharp increase in property taxes for residents Thursday.
The bill provides a freeze on property tax rates during development of high impact developments, such as the construction of a new Chicago Bears stadium, for up to 10 years.
The concerns stem from a discrepancy in the language of the bill, allowing municipalities to count the value of a megaproject toward its tax base, despite not receiving corresponding property tax payment to account for it.
Republicans in the legislature, such as state Rep. Dan Ugaste of Geneva, have been critical of the bill for that reason.
Pritzker pushed back on the concerns, however.
The bill was assigned to the House Tax Credit and Incentives Subcommittee late last month, while negotiations surrounding the Chicago team continue.
Story from Illinois Radio Network
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