This bill proposes to exempt local government entities from annual remediation fees under specific circumstances when they acquire ownership of real property. The exemptions apply to properties obtained through bankruptcy, tax delinquency, abandonment, escheat, eminent domain, condemnation, or any involuntary acquisition related to their sovereign function. Additionally, if the property is acquired for the purpose of redevelopment and the entity is already exempt from joint and several liability under the "Spill Compensation and Control Act," they will also be exempt from the annual remediation fees imposed by the Department of Environmental Protection under the "Site Remediation Reform Act" and the "Brownfield and Contaminated Site Remediation Act" for any discharges that occurred prior to their ownership.

The bill aims to alleviate financial burdens on local government entities that take on properties with existing environmental issues, thereby encouraging redevelopment efforts. By extending the exemption from annual remediation fees, the legislation seeks to support local governments in managing contaminated sites without the added financial strain of remediation costs for past discharges. The act is set to take effect immediately upon passage.