IL HB5778

Reduces the deductible for owners and operators of leaking underground storage tanks from $100,000 to $20,000 for releases reported prior to June 8, 2010, if specific criteria are met, including inadvertent failure to timely register and completion of remediation between January 1, 2011 and December 31, 2012.

Allows owners or operators who previously paid the $100,000 deductible to seek reimbursement from the State for amounts paid in excess of the new $20,000 deductible if they meet the specified eligibility criteria.

Maintains a $5,000 deductible for releases reported on or after June 8, 2010, and specifies that deductibles apply annually per site, except for multi-year corrective actions which have no deductible in subsequent years.

Requires the Office of the State Fire Marshal to issue an "Eligibility and Deductibility Determination" form within 15 days of receiving notice of a confirmed release and make a final determination within 60 days.

Takes effect immediately upon becoming law.