Senate Sponsors: WATSON-KARPIEL-CLAYBORNE-BERMAN. House Sponsors: STEPHENS-HOLBROOK-NOVAK-SCOTT-PERSICO Short description: EPA-BROWNFIELDS PROGRAM Synopsis of Bill as introduced: Amends the Environmental Protection Act. Creates a new Title of the Act relating to the Brownfields Rehabilitation and Redevelopment Program. Provides that the Agency and the Department of Commerce and Community Affairs shall administer a program that encourages private sector voluntary remediation of environmentally-distressed and underutilized sites that demonstrate the potential to contribute to the economic growth of Illinois if expanded, rehabilitated, or redeveloped. Provides that the provisions of the Title are repealed 5 years after the effective date of this amendatory Act. Amends the Illinois Income Tax Act. Creates the Brownfields Remediation Tax Credit for qualifying taxpayers in an amount equal to the lesser of (i) 100% of the remediation costs expended or (ii) 100% of the projected present value of new State revenue generated by an approved project. Creates the Small Business Remediation Tax Credit for qualified taxpayers in an amount not to exceed $25,000 per project. Provides that a taxpayer may not claim both of the credits created by this amendatory Act. Sunsets the credits after 5 years, except that if the taxpayer's development agreement provides for the Brownfields Remediation Tax Credit beyond the 5-year period, the taxpayer may claim the credit through the term provided in the agreement. Makes other changes. Effective immediately. SENATE AMENDMENT NO. 1. Deletes reference to: 415 ILCS 5/211 new 415 ILCS 5/212 new Adds reference to: 35 ILCS 5/211 new 35 ILCS 5/212 new 415 ILCS 5/59.9 new Deletes everything. Amends the Environmental Protection Act. Creates a new Title of the Act relating to the Brownfields Rehabilitation and Redevelopment Program. Provides that the Department of Commerce and Community Affairs shall administer a program that encourages private sector voluntary remediation of environmentally-distressed and underutilized sites that demonstrate the potential to contribute to the economic growth if expanded, rehabilitated, or redeveloped. Provides that the Department, in cooperation with the Environmental Protection Agency, the Department of Agriculture, and the Department of Natural Resources, shall prescribe rules for the implementation of the program within 120 days of the effective date of this amendatory Act. Provides that the provisions of the title are repealed 5 years after the effective date of this amendatory Act. Amends the Illinois Income Tax Act. Creates the Brownfields Remediation Tax Credit. Provides that the credit is available to each taxpayer that (1) has entered into a development agreement with Department of Commerce and Community Affairs, has received an allocation for the credit, and has received a certificate of eligibility for the credit or (2) is a transferee of the credit. Provides that the Department of Commerce and Community Affairs shall determine the amount of the credit and, if applicable, shall prescribe an annual tax credit distribution schedule if the term of the development agreement exceeds one year. Provides that the credit shall be in an amount equal to the lesser of (1) 100% of the remediation costs expended for an approved Brownfields project or (2) 100% of the projected present value of new State tax revenue generated by an approved Brownfields project. Exempts this credit from the sunset provisions. Creates the Small Business Remediation Tax Credit for taxpayers that employ no more than 50 employees and undertake the expansion, rehabilitation, or redevelopment of a Brownfields site project that generates measurable economic growth resulting in either a revenue neutral benefit or a net fiscal benefit in an amount not to exceed $25,000 per project. Provides that the Department of Revenue and the Department of Commerce and Community Affairs shall, within 120 days of the effective date of this amendatory Act, adopt a tax credit schedule. Provides that this credit is available for tax years beginning on or after January 1, 1997. Sunsets this credit after 5 years. Provides that the Brownfields Remediation Tax Credit and the Small Business Remediation Tax Credit may not be taken together. Makes other changes. Effective immediately. HOUSE AMENDMENT NO. 1. Deletes reference to: 35 ILCS 5/211 new 35 ILCS 5/212 new 415 ILCS 5/59 new 415 ILCS 5/59.1 new 415 ILCS 5/59.2 new 415 ILCS 5/59.3 new 415 ILCS 5/59.4 new 415 ILCS 5/59.5 new 415 ILCS 5/59.6 new 415 ILCS 5/59.7 new 415 ILCS 5/59.8 new 415 ILCS 5/59.9 new Replaces the title and everything after the enacting clause with a title heading to the Brownfields Rehabilitation and Redevelopment Program. CONFERENCE COMMITTEE REPORT NO. 1 Recommends that the Senate concur in House Amendment No. 1. Recommends that the bill be further amended as follows: Deletes reference to: 415 ILCS 5/Title XVIII heading new Adds reference to: 30 ILCS 105/5.449 new 35 ILCS 5/201 from Ch. 120, par. 2-201 415 ILCS 5/58 415 ILCS 5/58.2 415 ILCS 5/58.3 415 ILCS 5/58.13 new 415 ILCS 5/58.14 new 415 ILCS 100/5 Deletes everything. Amends the Illinois Income Tax Act to establish an environmental remediation tax credit available in tax years ending on or after December 31, 1997 and on or before December 31, 2001 for certain costs incurred by a person after January 1, 1998 in performing remediation activities in accordance with the Site Remediation Program under the Environmental Protection Act. Amends the Environmental Protection Act to set forth the Environmental Protection Agency's procedures for determining whether the remediation costs may be used toward the environmental remediation tax credit. In that Act, creates the Brownfields Redevelopment Grant Program to provide municipalities with funding for brownfields redevelopment efforts. Sets parameters for awarding grants under the Program. Amends the State Finance Act to add the Brownfields Redevelopment Fund. Amends the Response Action Contractor Indemnification Act to provide for the transfer of moneys from the Response Contractors Indemnification Fund to the Brownfields Redevelopment Fund. Effective immediately. Last action on Bill: PUBLIC ACT.............................. 90-0123 Last action date: 97-07-21 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1 END OF INQUIRY Full Text Bill Status