Illinois HB 5556: STATEWIDE INNOVATION-PILOT

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB5556

Introduced 2/13/2026, by Rep. Jay Hoffman 

SYNOPSIS AS INTRODUCED:

See Index

 Amends the Statewide Innovation Development and Economy Act. Creates a New Opportunities for Vacation and Adventure Urban District or NOVA urban district. Sets forth the capital investment and job creation requirements to be certified as a NOVA urban district. Amends the Property Tax Code. Creates the Megaproject Assessment Freeze and Payment Law. Provides that property that receives a megaproject certificate from the Department of Commerce and Economic Opportunity is eligible for an assessment freeze. Contains provisions concerning megaproject incentive agreements.

LRB104 18309 HLH 31749 b

A BILL FOR

HB5556LRB104 18309 HLH 31749 b

1 AN ACT concerning State government.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Statewide Innovation Development and 

5Economy Act is amended by changing Sections 5-5, 5-10, 5-15, 

65-20, 5-30, 5-35, 5-45, and 5-70 as follows:

7 (50 ILCS 475/5-5)

8 Sec. 5-5. Purpose; findings. 

9 (a) The General Assembly finds and declares that the 

10purpose of this Act is to promote, stimulate, and develop the 

11general and economic welfare of the State of Illinois and its 

12communities and to assist in the development and redevelopment 

13of major tourism, entertainment, retail, and related projects 

14within eligible areas of the State, thereby creating new jobs, 

15stimulating significant capital investment, and promoting the 

16general welfare of the citizens of this State, by authorizing 

17municipalities and counties to issue sales tax and revenue 

18(STAR) bonds for the financin