Wetlands No Net Loss Act of 1989

Wetlands No Net Loss Act of 1989 - Requires the Secretary of the Interior to designate a nonprofit organization as a Wetlands Preservation Trust if such organization: (1) is established for the purpose of acquiring ownership interests in wetlands, former wetlands, and related property and for restoring, creating, or preserving wetlands; and (2) meets, and submits an application in accordance with, the Secretary's requirements.

Amends the Internal Revenue Code to create special rules for contributions of land to such Trusts. Applies the 50 percent limitation on charitable contribution deductions to contributions of wetlands to such Trusts. Permits a ten-year carryover for excess contributions. Extends the deadline for the exchange of property held for productive use or investment if such contributions are made as part of such exchanges. Permits the carryover of unused deductions on a taxpayer's last return if such taxpayer dies before the close of the last taxable year for which such deductions could have been allowed.

Authorizes the Secretary, acting through the Office of Wetlands Identification and Preservation, to make grants to States from the Wetlands Preservation Account for the implementation of State Wetlands Conservation Plans. Outlines requirements of such Plans. Prohibits the Secretary from approving any Plan that: (1) excludes any area of State wetlands solely on the basis of that area being less than a minimum size; or (2) excludes from Plan administration areas of wetlands the preservation of which is significant for achieving the purposes of this Act.

Amends the Fish and Wildlife Act of 1956 to require the Director of the U.S. Fish and Wildlife Service to establish the Office of Wetlands Identification and Preservation within the Service.

Requires the Director, acting through the Office, to: (1) identify all U.S. wetlands and associated uplands which are suitable for preservation; (2) produce and make available to the public maps of such lands; and (3) carry out title III of the Emergency Wetland Resources Act of 1986 (State and Federal Wetland Acquisition). Authorizes the Director, acting through the Office, to enter into agreements with private persons to carry out wetlands preservation. Permits such agreements to provide for: (1) the transfer of wetlands to Trusts; and (2) technical assistance to owners of wetlands who enter into such preservation agreements.

Establishes the Wetlands Preservation Account. Requires at least 60 percent of Account funds to be available for grants to States. Requires the Secretary of the Treasury to deposit into such Account amounts received in the form of: (1) criminal penalties for certain permit violations of the Federal Water Pollution Control Act; and (2) civil and administrative penalties under such Act. Directs the Secretary to transfer annually to the Account $300,000,000 from the Land and Water Conservation Fund.

Authorizes appropriations.

Requires the head of each executive agency to: (1) complete an inventory of all wetlands and associated uplands owned or managed by the agency; and (2) implement a plan for the protection of wetlands included in the inventory. Requires such agencies to submit such plans to the head of the Office and the Secretary of the Interior.

Amends the Federal Water Pollution Control Act to transfer the authority to issue permits for discharge of dredge and fill material from the Secretary of the Army to the Secretary of the Interior, acting through the Office. Revises provisions regarding reporting requirements. Repeals a provision requiring the submission of comments on permit applications. Prohibits the Secretary of the Army from authorizing any dredging of wetlands under the Rivers and Harbors Appropriations Act of 1899 without the prior approval of the Secretary of the Interior.

Requires the Director of the Office of Technology Assessment to study and report to the Congress on: (1) incentives under Federal and State laws for the protection and management of wetlands; (2) potential modifications to existing Federal laws to improve their effectiveness in creating such incentives and to increase the permanence of such protection; and (3) ways in which the Federal Government may encourage State and local governments to create additional incentives for the protection and management of wetlands by private individuals.