Forest Incentives Program Act of 2015

Forest Incentives Program Act of 2015

This bill directs the Department of Agriculture (USDA) to establish a forest incentives program to achieve supplemental greenhouse gas emission reductions and carbon sequestration on U.S. private forest land (eligible land) through:

• carbon incentives contracts, and
• conservation easement agreements.

In selecting projects under such program, USDA shall give priority to contracts and agreements that:

• sequester the most carbon on a per acre basis; and
• create forestry jobs or protect habitats and achieve significant other environmental, economic, and social benefits.

To participate in such program, an owner of eligible land must enter into a carbon incentives contract.

USDA shall make financial incentive payments to owners of eligible land for:

• certain forestry practices that measurably increase carbon sequestration and storage over a designated period on eligible land, and
• conservation easements on eligible land covered under a conservation easement agreement.

The Department of the Interior may set aside a portion of program funds to develop specified forest carbon modeling and methodologies and for other specified purposes.

Interior shall establish a greenhouse gas incentives program to achieve supplemental greenhouse gas emission reductions from material choices in buildings.

Interior shall provide owners of nonresidential buildings used for commercial or state or local government purposes incentive payments for the use of commercial or industrial products composed of biological products for sequestering carbon in those buildings. Program participants shall receive their payments upon the completion of the construction or renovation of the applicable building.