Senator Susan Collins today joined with a bi-partisan group of Senators in announcing legislation aimed at helping the reestablishment of endangered species in America. The bill would provide incentives to landowners to help protect endangered species.
The “Endangered Species Recovery Act” would put a tax incentive into place to compel those who own land inhabited by endangered species or those who incur costs to help recover these endangered species while party to a qualifying agreement. $400 million in tax benefits would be allocated annually. To qualify, these landowners would be required to agree to a conservation land-use easement over a specified period of time. The agreements would also require specified management plans, schedules, and regular monitoring.
Additionally, the bill would allow for a tax deduction for up to 25% of the costs incurred in carrying out a recovery plan under the Endangered Species Act. These tax deductions would not require a formal agreement.
“This legislation will help in the fight to protect endangered species. We must do all that we can to maintain the natural beauty of America.” noted Senator Collins. “Currently, two-thirds of the nation’s forests are privately owned, and this bill targets that land specifically. I am glad that I can help protect some of our nation’s most vulnerable species.”