S.Amdt. 144

1. Adds SEC. __. FOREST CARBON INCENTIVES PROGRAM wherever appropriate

   Adds a section

   Inserted: SEC. __. FOREST CARBON INCENTIVES PROGRAM.

   Inserted: (a) Definitions.--In this section:

   Inserted: (1) Climate mitigation contract; contract.--The term "climate mitigation contract" or "contract" means a 15-year contract that specifies--

   Inserted: (A) the eligible practices that will be undertaken;

   Inserted: (B) the acreage of eligible land on which the practices will be undertaken;

   Inserted: (C) the agreed rate of compensation per acre; and

   Inserted: (D) a schedule to verify that the terms of the contract have been fulfilled.

   Inserted: (2) Conservation easement agreement; agreement.--The term "conservation easement agreement" or "agreement" means a permanent conservation easement that--

   Inserted: (A) covers eligible land that will not be converted for development;

   Inserted: (B) is enrolled under a climate mitigation contract; and

   Inserted: (C) is consistent with the guidelines for--

   Inserted: (i) the Forest Legacy Program established under section 7 of the Cooperative Forestry Assistance Act of 1978 (16 U.S.C. 2103c); or

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   Inserted: (ii) any other program approved by the Secretary for use under this section to provide consistency with Federal legal requirements for permanent conservation easements.

   Inserted: (3) Eligible land.--The term "eligible land" means forest land in the United States that is privately owned at the time of initiation of a climate mitigation contract or conservation easement agreement.

   Inserted: (4) Eligible practice.--The term "eligible practice" means a forestry practice, including improved forest management that produces marketable forest products, that is determined by the Secretary to provide measurable increases in carbon sequestration and storage beyond customary practices on comparable land.

   Inserted: (5) Forest carbon incentives program; program.--The term "forest carbon incentives program" or "program" means the forest carbon incentives program established under subsection (b)(1).

   Inserted: (6) Secretary.--The term "Secretary" means the Secretary of Agriculture.

   Inserted: (b) Supplemental Greenhouse Gas Emission Reductions in United States.--

   Inserted: (1) In general.--The Secretary shall establish a forest carbon incentives program to achieve supplemental greenhouse gas emission reductions and carbon sequestration on private forest land of the United States through--

   Inserted: (A) climate mitigation contracts; and

   Inserted: (B) conservation easement agreements.

   Inserted: (2) Priority.--In selecting projects under this subsection, the Secretary shall provide a priority for contracts and agreements--

   Inserted: (A) that sequester the most carbon on a per acre basis; and

   Inserted: (B) that create forestry jobs or protect habitats and achieve significant other environmental, economic, and social benefits.

   Inserted: (3) Eligibility.--

   Inserted: (A) In general.--To participate in the program, an owner of eligible land shall enter into a climate mitigation contract.

   Inserted: (B) Relationship to other programs.--An owner or operator shall not be prohibited from participating in the program due to participation of the owner or operator in other Federal or State conservation assistance programs.

   Inserted: (4) Reversals.--In developing regulations for climate mitigation contracts under this subsection, the Secretary shall specify requirements to address intentional or unintentional reversal of carbon sequestration during the contract and agreement period.

   Inserted: (c) Incentive Payments.--

   Inserted: (1) In general.--The Secretary shall provide to owners of eligible land financial incentive payments for--

   Inserted: (A) eligible practices that measurably increase carbon sequestration and storage over a designated period on eligible land, as specified through a climate mitigation contract; and

   Inserted: (B) subject to paragraph (2), conservation easements on eligible land covered under a conservation easement agreement.

   Inserted: (2) No conservation easement agreement required.--Eligibility for financial incentive payments under a climate mitigation contract described in paragraph (1)(A) shall not require a conservation easement agreement.

   Inserted: (d) Regulations.--Not later than 1 year after the date of enactment of this Act, the Secretary shall issue regulations that specify eligible practices and related compensation rates, standards, and guidelines as the basis for entering into the program with owners of eligible land.

   Inserted: (e) Set-aside of Funds for Certain Purposes.--

   Inserted: (1) In general.--At the discretion of the Secretary, a portion of program funds made available under this program for a fiscal year may be used--

   Inserted: (A) to develop forest carbon modeling and methodologies that will improve the projection of carbon gains for any forest practices made eligible under the program;

   Inserted: (B) to provide additional incentive payments for specified management activities that increase the adaptive capacity of land under a climate mitigation contract; and

   Inserted: (C) for the Forest Inventory and Analysis Program of the Forest Service to develop improved measurement and monitoring of forest carbon stocks.

   Inserted: (2) Program components.--In establishing the program, the Secretary shall provide that funds provided under this section shall not be substituted for, or otherwise used as a basis for reducing, funding authorized or appropriated under other programs to compensate owners of eligible land for activities that are not covered under the program.

   Inserted: (f) Program Measurement, Monitoring, Verification, and Reporting.--

   Inserted: (1) Measurement, monitoring, and verification.--The Secretary shall establish and implement protocols that provide monitoring and verification of compliance with the program, including both direct and indirect effects and any reversal of sequestration.

   Inserted: (2) Reporting requirement.--At least annually, the Secretary shall submit to Congress a report that contains--

   Inserted: (A) an estimate of annual and cumulative reductions achieved as a result of the program, determined using standardized measures, including measures of economic efficiency;

   Inserted: (B) a summary of any changes to the program that will be made as a result of program measurement, monitoring, and verification;

   Inserted: (C) the total number of acres enrolled in the program by method; and

   Inserted: (D) a State-by-State summary of the data.

   Inserted: (3) Availability of report.--Each report required by this subsection shall be available to the public through the website of the Department of Agriculture.

   Inserted: (4) Program adjustments.--At least once every 2 years the Secretary shall adjust eligible practices and compensation rates for future climate mitigation contracts based on the results of monitoring under paragraph (1) and reporting under paragraph (2).

   Inserted: (g) Authorization of Appropriations.--There are authorized to be appropriated to carry out this section such sums as are necessary.

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