Short title

This Act may be cited as the

People for the Planet Act of 2008

Tax check-off for environment preservation

(a)

In general

Subchapter A of chapter 61 of the Internal Revenue Code of 1986 (relating to information and returns) is amended by adding at the end the following new part:

Designation of income tax payments to Environmental Protection Trust Fund

Sec. 6098. Designation to Environmental Protection Trust Fund.

6098.

Designation to Environmental Protection Trust Fund

(a)

In general

Every individual (other than a nonresident alien) whose adjusted income tax liability for the taxable year is $3 or more may designate that $3 shall be paid over to the Environmental Protection Trust Fund in accordance with the provisions of section 9511. In the case of a joint return of husband and wife having an adjusted income tax liability of $6 or more, each spouse may designate that $3 shall be paid to the fund. (b)

Adjusted income tax liability

For purposes of subsection (a), the term adjusted income tax liability means, for any individual for any taxable year, the excess (if any) of— (1)the income tax liability (as defined in section 6096(b)) of the individual for the taxable year, over (2)any amount designated by the individual (and, in the case of a joint return, any amount designated by the individual’s spouse) under section 6096(a) for such taxable year. (c)

Manner and time of designation

A designation under subsection (a) may be made with respect to any taxable year— (1)at the time of filing the return of the tax imposed by chapter 1 for such taxable year, or (2)at any other time (after the time of filing the return of the tax imposed by chapter 1 for such taxable year) specified in regulations prescribed by the Secretary.

Such designation shall be made in such manner as the Secretary prescribes by regulations except that, if such designation is made at the time of filing the return of the tax imposed by chapter 1 for such taxable year, such designation shall be made either on the first page of the return or on the page bearing the taxpayer’s signature.

(b)

Environmental Protection Trust Fund

Subchapter A of chapter 98 of such Code (relating to establishment of trust funds) is amended by adding at the end the following new section:

9511.

Environmental Protection Trust Fund

(a)

Creation of trust fund

There is established in the Treasury of the United States a trust fund to be known as the Environmental Protection Trust Fund, consisting of such amounts as may be appropriated or credited to such fund as provided in this section or section 9602(b). (b)

Transfers to trust fund

There are hereby appropriated to the Environmental Protection Trust Fund amounts equivalent to the amounts designated under section 6098. (c)

Expenditures

Amounts in the Environmental Protection Trust Fund shall be available, as provided in appropriation Acts, only for purposes of ecosystem restoration, reforestation, reclaiming timber roads in national forests, watershed protection, preservation of Great Lakes and other bodies of water and rivers, funding for biodiversity partnerships, and for such other purposes as the Environmental Protection Trust Fund Board recommends.

(c)

Clerical amendments

(1)The table of parts for subchapter A of chapter 61 of such Code is amended by adding at the end the following new item:

Part IX. Designation of income tax payments to Environmental Protection Trust Fund.

(2)The table of sections for subchapter A of chapter 98 of such Code is amended by adding at the end the following new item:

Sec. 9511. Environmental Protection Trust Fund.

(d)

Effective date

The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act. (e)

Environmental Protection Trust Fund Board

(1)

Establishment

There is established the Environmental Protection Trust Fund Board (in this subsection referred to as the Board). (2)

Functions

The Board shall— (A)recommend Federal agency activities and non-Federal projects for funding with amounts appropriated from the Environmental Protection Trust Fund established by section 9511 of the Internal Revenue Code of 1986 (as amended by this section); and (B)Monitor use of amounts appropriated from the Environmental Protection Trust Fund. (3)

Membership

The membership of the Board shall consist of the following individuals (or their designees): (A)The Secretary of the Interior. (B)The Administrator of the Environmental Protection Agency. (C)The Director of the Council on Environmental Quality. (D)The Speaker of the House of Representatives. (E)The majority leader of the House of Representatives. (F)The minority leader of the House of Representatives. (G)The President Pro Tempore of the Senate. (H)The majority leader of the Senate. (I)The minority leader of the Senate.

Special rule for contributions of qualified conservation contributions made permanent

(a)

In general

(1)

Individuals

Subparagraph (E) of section 170(b)(1) of the Internal Revenue Code of 1986 (relating to contributions of qualified conservation contributions) is amended by striking clause (vi). (2)

Corporations

Subparagraph (B) of section 170(b)(2) of such Code (relating to qualified conservation contributions) is amended by striking clause (iii). (b)

Effective date

The amendments made by this section shall apply to contributions made in taxable years beginning after December 31, 2007.

100 percent deduction for reforestation expenditures to replace amortization

(a)

In General

Part VI of subchapter B of chapter 1 of the Internal Revenue Code of 1986 (relating to itemized deductions for individuals and corporations) is amended by adding at the end the following new section:

200.

Reforestation expenditures

(a)

Allowance of deduction

In the case of any qualified timber property with respect to which the taxpayer has made (in accordance with regulations prescribed by the Secretary) an election under this subsection, there shall be allowed as a deduction for the taxable year an amount equal to the reforestation expenditures paid or incurred by the taxpayer during such year with respect to such property. (b)

Qualified timber property

The term qualified timber property means a woodlot or other site located in the United States which will contain trees in significant commercial quantities and which is held by the taxpayer for the planting, cultivating, caring for, and cutting of trees for sale or use in the commercial production of timber products. (c)

Reforestation expenditures

(1)

In general

For purposes of this section, the term reforestation expenditures means direct costs incurred in connection with forestation or reforestation by planting or artificial or natural seeding, including costs— (A)for the preparation of the site, (B)of seeds or seedlings, and (C)for labor and tools, including depreciation of equipment such as tractors, trucks, tree planters, and similar machines used in planting or seeding. (2)

Cost-sharing programs

Reforestation expenditures shall not include any expenditures for which the taxpayer has been reimbursed under any governmental reforestation cost-sharing program unless the amounts reimbursed have been included in the gross income of the taxpayer. (d)

Life tenant and remainderman

In the case of property held by one person for life with remainder to another person, the deduction under this section shall be computed as if the life tenant were the absolute owner of the property and shall be allowed to the life tenant.

(b)

Termination of amortization of reforestation expenditures

Section 194 of such Code (relating to amortization of reforestation expenditures) is amended by adding at the end the following new subsection:

(e)

Termination

This section shall not apply to any amount paid or incurred after the date of the enactment of this subsection.

(c)

Clerical amendment

The table of sections for part VI of subchapter B of chapter 1 of such Code is amended by inserting at the end the following new item:

Sec. 200. Reforestation expenditures.

(d)

Effective date

The amendments made by this section shall apply to amounts paid or incurred after the date of the enactment of this Act.

Sense of Congress regarding biodiversity partnerships

It is the sense of Congress that— (1)the Government of the United States should promote biodiversity partnerships in the United States and abroad to better protect our Earth; (2)such partnerships are already established, and there needs to be more involvement in such partnerships; (3)businesses and conservation organizations have formed compatible partnerships to achieve win-win biodiversity conservation solutions in the real world; (4)experienced nongovernmental organization teach others how to form partnerships in developing countries where biodiversity hotspots require swift action and local people need meaningful employment; (5)one of the most enlightening conversation partnerships is saving sea turtles and sea turtle habitat around the world; (6)these are models that should be implemented for other endangered populations; and (7)green enterprise is becoming the norm throughout the world, with scores of new private-public environmental partnerships being established daily, and the Government of the United States needs to encourage more companies and individuals to be involved in such efforts.