Creates the Megaproject Sports and Entertainment Facility Admission Tax Act. Imposes a tax of $3 for each individual admitted to a sports and entertainment facility located on megaproject property. Contains provisions concerning the distribution of the proceeds of the tax. Amends the Property Tax Code. Provides that certain property may be certified by the Department of Revenue as containing a megaproject. Provides that a "megaproject" is a project with respect to which a company makes a specified investment during a specified investment period. Provides that the Department of Revenue may issue a megaproject certificate only for a megaproject in the Village of Arlington Heights. Provides that the megaproject property is eligible for an assessment freeze. Provides that megaproject property may be granted an abatement. Provides that a company that operates a megaproject shall enter into an agreement with the municipality in which the project is located to make certain special payments. Creates the Arlington Megaproject Oversight Board. Provides that the incentive agreement must be approved by resolution of the Arlington Megaproject Oversight Board. Amends the State Finance Act making conforming changes. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that qualified tangible personal property used in the construction or operation of a megaproject is exempt from the taxes imposed under those Acts. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, the Retailers' Occupation Tax Act, the Hotel Operators' Occupation Tax Act, and the Liquor Control Act of 1934. Provides that certain tax proceeds from megaproject property shall be deposited into the Arlington Megaproject Infrastructure Fund. Makes other changes. Effective June 1, 2024.