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 by the government entity in its sovereign capacity. Additionally, if the property is acquired for the purpose of promoting redevelopment and the entity is 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 by removing the requirement to pay annual remediation fees for properties acquired under the specified conditions. This change builds on existing protections that exempt these entities from joint and several liability for past discharges, thereby encouraging redevelopment efforts without the added financial strain of remediation fees. The act is set to take effect immediately upon passage.