Allowing an individual or a corporation to claim a credit against the State income tax for costs incurred for an approved lead hazard reduction project for qualifying property; providing for calculation of the credit; providing for submission of proposals for lead hazard reduction projects to the Department of Housing and Community Development for approval; limiting to $3,000,000 the total amount of credits that the Department may approve for any fiscal year; applying the Act to tax years beginning after December 31, 2006; etc.