Section 740.100 Purpose

Section 740

Section 740.100  Purpose

The purposes of this Part are:

a)         To establish

the procedures for the investigative and

remedial activities at sites where there is a release, threatened release, or

suspected release of hazardous substances, pesticides, or petroleum and for the

review and approval of those activities

[415 ILCS 5/58.1(a)(1)];

b)         To establish procedures to be followed to obtain Illinois

Environmental Protection Agency review and approval of remediation costs before

applying for the environmental remediation tax credit under Section 201(1) of

the Illinois Income Tax Act [35 ILCS 5/201(1)]; and

c)         To

establish and administer a program for the payment of remediation costs to

be known as the Brownfields Site Restoration Program whereby the Agency,

with

the assistance of the Department of Commerce and Economic Opportunity (DCEO)

through the program, shall provide remediation applicants with financial

assistance for the investigation and remediation of abandoned or underutilized

properties

. [415 ILCS 5/58.15(B)(a)(1)]