Extends the application deadlines for tax abatements for certain industrial and commercial properties in a city of one million or more persons

This bill extends the deadline for property owners in large cities to apply for tax abatements on industrial and commercial properties. Under the new rules, applications must be submitted by March 1, 2029, rather than the previous earlier date. Additionally, the bill sets a cutoff of April 1, 2029, for construction work to qualify for these tax benefits, regardless of whether a building permit was required. The legislation directly impacts owners of qualifying properties in cities with at least one million residents who wish to secure these financial incentives.