On February 5th Senate Bill (SB) 492 and on February 26th the corresponding House Bill (HB) 1175 were filed to address mitigation bank credit shortages in various watersheds throughout the state. SB 492 and HB 1175 propose adjusting components of state mitigation bank permitting practices. The bills include revisions to the credit release schedule, to which the Department of Environmental Protection and water management districts would be required to adhere. These bills also authorize the use of credits to offset impacts outside a bank’s mitigation service area utilizing a proximity factor only when there is a documented credit deficiency and other certain conditions are met. Both bills are designed to improve the availability of credits in high demand watersheds while protecting existing and future mitigation banking interests. If passed and signed by the Governor, the bills would become effective July 1, 2025. While the bills are currently different, this will likely change through the legislative process.
FAMB is actively working on these bills to ensure our industry is represented and mitigation banker’s interests are protected.
You can read the bills and analysis below:
