The Illinois Senate has passed Senate Bill 3212 and the bill has now moved to the House. SB 3212 creates a state income tax credit for projects in the IEPA’s Site Remediation Program which are approved by local authorities and will “create at least 10 new jobs, retain 25 jobs, or a combination thereof.” 75% of the credit can be taken in the year the credit is initially approved and the remaining 25% can be taken once a No Further Remediation (NFR) letter is received, although the Department of Commerce and Economic Opportunity will have the authority to withhold the remaining 25% until the required jobs are created and documented. Parties responsible for the pollution are not allowed to receive the income tax credit.
If you have any questions regarding SB 3212 and brownfield remediation, contact us at 773-609-5320, email@example.com, or through our web contact form.
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