A bill to amend Public Law 87-383 to reauthorize appropriations to promote the conservation of migratory waterfowl and to offset or prevent the serious loss of important wetland and other waterfowl habitat essential to the preservation of migratory waterfowl, and for other purposes.

Amends the Wetlands Loan Act to increase and extend funding for conservation of migratory waterfowl and habitat essential to the preservation of such waterfowl for FY2008-FY2017. Requires such appropriated funds to be treated as advances to the Migratory Bird Conservation Fund which shall be repaid to the Treasury in annual amounts that are equal to the funds accruing to such Fund that are attributable to the portion of the price of migratory bird hunting stamps sold that year in excess of $15 per stamp.

Expresses the sense of Congress that: (1) the funds provided pursuant to this Act should be used for preserving and increasing waterfowl populations in accordance with the goals and objectives of the North American Waterfowl Management Plan and should supplement current conservation funding; and (2) this Act should be implemented in a manner that helps private landowners achieve their long-term land use objectives in ways that enhance the conservation of wetlands and wildlife habitat.