To amend the Internal Revenue Code of 1986 to promote environmental protection and generate preservation efforts, and for other purposes.

Summary: People for the Planet Act of 2008 - Amends the Internal Revenue Code to establish in the Treasury the Environmental Protection Trust Fund to promote ecosystem restoration, reforestation, reclamation of timber roads in national forests, watershed protection, preservation of Great Lakes and other bodies of water, and funding of biodiversity partnerships. Allows individual taxpayers (other than nonresident aliens) to designate on their income tax returns a payment of $3 of their income tax liability to such Trust Fund.

Makes permanent the tax deduction for individual and corporate contributions of conservation easements.

Allows a tax deduction for reforestation expenditures.

Expresses the sense of Congress that the government should encourage biodiversity partnerships.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``People for the Planet Act of 2008''.

SEC. 2. 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:

    ``PART IX--DESIGNATION OF INCOME TAX PAYMENTS TO ENVIRONMENTAL 
                         PROTECTION TRUST FUND

``Sec. 6098. Designation to Environmental Protection Trust Fund.

``SEC. 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:

``SEC. 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.

SEC. 3. 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.

SEC. 4. 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:

``SEC. 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.

SEC. 5. 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.