COMPENSATION FOR EASEMENTS UNDER WETLANDS RESERVE PROGRAM.

SEC. 2205. COMPENSATION FOR EASEMENTS UNDER WETLANDS RESERVE PROGRAM. Subsection (f) of section 1237A of the Food Security Act of 1985 (16 U.S.C. 3837a) is amended to read as follows:“(f) Compensation.—“(1) Determination.—Effective on the date of the enactment of the Food, Conservation, and Energy Act of 2008, the Secretary shall pay as compensation for a conservation easement acquired under this subchapter the lowest of—“(A) the fair market value of the land, as determined by the Secretary, using the Uniform Standards of Professional Appraisal Practices or an area-wide market analysis or survey;“(B) the amount corresponding to a geographical cap, as determined by the Secretary in regulations; or“(C) the offer made by the landowner.“(2) Form of payment.—Compensation for an easement shall be provided by the Secretary in the form of a cash payment, in an amount determined under paragraph (1) and specified in the easement agreement.“(3) Payment schedule for easements.—“(A) Easements valued at $500,000 or less.—For easements valued at $500,000 or less, the Secretary may provide easement payments in not more than 30 annual payments.“(B) Easements in excess of $500,000.—For easements valued at more than $500,000, the Secretary may provide easement payments in at least 5, but not more than 30 annual payments, except that, if the Secretary determines it would further the purposes of the program, the Secretary may make a lump sum payment for such an easement.“(4) Restoration agreement payment limitation.—Payments made to a person or legal entity, directly or indirectly, pursuant to a restoration cost-share agreement under this subchapter may not exceed, in the aggregate, $50,000 per year.“(5) Enrollment procedure.—Lands may be enrolled under this subchapter through the submission of bids under a procedure established by the Secretary.”.122 STAT. 1039