AR SB575

Division of Environmental Quality designates a list of environmental sites requiring removal and disposal of solid waste or tires and remediation, with each site assigned an estimated cleanup cost.

Creates the Division of Environmental Quality Designated Environmental Site Remediation Trust Fund to accept donations from private entities for cleanup and remediation at designated sites.

Private entities applying as donors undergo eligibility determination by the division, which then contracts with private contractors to complete approved remedial action plans and certifies sites upon completion.

Donors who fund remediation and receive certification are eligible for an income tax credit under new § 26-51-515, claimable within one year of receiving the funding certificate.

Total tax credits awarded annually cannot exceed $2,000,000; if claims exceed this cap, credits are prorated among eligible taxpayers based on their donations; act is effective for tax years 2021-2023.