Forest Incentives Program Act of 2023

Forest Incentives Program Act of 2023

This bill directs the Department of Agriculture (USDA) to establish two programs to achieve greenhouse gas emission reductions.

Specifically, USDA must establish (1) a forest incentives program to achieve emission reductions and carbon sequestration on private forest land through carbon incentives contracts and conservation easement agreements, and (2) an incentives program to achieve emission reductions from material choices in buildings.

USDA shall pay owners of forest land under a contract or agreement for (1) certain forestry practices that measurably increase carbon sequestration and storage over a designated period on such land, with appropriate crediting for the carbon benefits of harvested wood products; or (2) conservation easements on such land.

USDA shall pay owners of nonresidential buildings used for commercial or state or local government for using less energy-intensive commercial or industrial products in new construction or building renovation.