(5) The remainder shall be deposited into the 
general fund of the Treasury for purposes of reduc-
ing the annual Federal budget deficit. 
(b) RENEWABLE ENERGY RESOURCE CONSERVATION 
FUND.— 
(1) ESTABLISHMENT.—There is established in 
the Treasury of the United States a Renewable En-
ergy Resource Conservation Fund to be adminis-
tered by the Secretary of the Interior. 
(2) USE OF FUNDS.—The Secretary shall use 
amounts in the Fund to make payments to State 
agencies, Federal agencies, or other interested per-
sons for use for— 
(A) mitigating the impacts of renewable 
energy on Federal land, including— 
(i) protecting fish and wildlife cor-
ridors and other sensitive land; and 
(ii) restoring fish and wildlife habitat; 
and 
(B) carrying out any activity authorized 
under Public Law 88–578 (16 U.S.C. 460l–4 et 
seq.) in the State, except for the acquisition of 
land, water, or interests therein within such 
State. 
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(3) AVAILABILITY OF AMOUNTS.—Amounts in 
the Fund shall be available for expenditure, in ac-
cordance with this subsection, without further appro-
priation and without fiscal year limitation. 
(4) INVESTMENT OF FUND.— 
(A) IN GENERAL.—Any amounts deposited 
in the Fund shall earn interest in an amount 
determined by the Secretary of the Treasury on 
the basis of the current average market yield on 
outstanding marketable obligations of the 
United States of comparable maturities. 
(B) USE.—Any interest earned under sub-
paragraph (A) may be expended in accordance 
with this subsection. 
(c) ALLOCATION FOR PERMITTING AFTER EXPIRA-
TION OF 15-YEAR PERIOD.— 
(1) CERTIFICATION
BY
SECRETARY.—At the 
end of the 15-year period described in subsection 
(a)(4), the Secretary shall certify whether the State 
offices referred to in such subsection have ade-
quately reduced the renewable energy permitting 
backlog referred to in such subsection. 
(2) ALLOCATION
AFTER
CERTIFICATION.—If 
the Secretary certifies under paragraph (1) that— 
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(A) the State offices referred to in such 
paragraph have not adequately reduced the 
backlog referred to in such paragraph— 
(i) the 15-year period described in 
subsection (a)(4) shall be extended by an 
additional 15-year period; and 
(ii) payments shall continue to be 
made during that period as described in 
such subsection; or 
(B) the State offices referred to in such 
paragraph have adequately reduced such back-
log— 
(i) two-thirds of the amount otherwise 
required to be paid under subsection (a)(4) 
shall be added to the amount deposited in 
the Fund established under subsection (b); 
and 
(ii) one-third of such amount shall be 
deposited into the general fund of the 
Treasury for purposes of reducing the an-
nual Federal budget deficit. 
(d) PAYMENTS
TO
STATES
AND
COUNTIES.— 
Amounts paid to States and counties under subsection (a) 
shall be used in a manner that is consistent with section 
35 of the Mineral Leasing Act (30 U.S.C. 191). 
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SEC. 205. STUDY AND REPORT ON MITIGATION BANKING. 
(a) STUDY.— 
(1) IN
GENERAL.—Not later than 180 days 
after the date of enactment of this Act, the Sec-
retary of the Interior and the Secretary of Agri-
culture shall carry out a study to determine the fea-
sibility of carrying out a mitigation banking program 
on Federal land administered by the Secretary of the 
Interior or the Secretary of Agriculture for purposes 
of offsetting the impacts of wind or solar energy on 
such Federal land. 
(2) CONTENTS.—The study under paragraph 
(1) shall— 
(A) identify areas in which— 
(i) privately owned land is not avail-
able to offset the impacts of wind or solar 
energy development on Federal land ad-
ministered by the Secretary of the Interior 
or the Secretary of Agriculture; or 
(ii) mitigation investments on such 
Federal land are likely to provide greater 
conservation value for the impacts of wind 
or solar energy development on such Fed-
eral land; and 
(B) examine— 
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(i) the effectiveness of laws (including 
regulations) and policies in effect on the 
date of the enactment of this Act in facili-
tating 
the 
development 
of 
mitigation 
banks; 
(ii) the advantages and disadvantages 
of using mitigation banks on such Federal 
land to mitigate impacts to natural re-
sources on private land; and 
(iii) any changes in Federal law (in-
cluding regulations) or policy necessary to 
further develop a Federal mitigation bank-
ing program. 
(b) REPORT
TO CONGRESS.—Not later than 18 
months after the date of the enactment of this Act, the 
Secretary of the Interior and the Secretary of Agriculture 
shall jointly submit to Congress a report that includes— 
(1) the recommendations of the Secretaries re-
lating to— 
(A) the most effective system for Federal 
land administered by the Secretary of the Inte-
rior or the Secretary of Agriculture to meet the 
goals of facilitating the development of a miti-
gation banking program on such Federal land; 
and 
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(B) any change to Federal law (including 
regulations) or policy necessary to address more 
effectively the siting, development, and manage-
ment of mitigation banking programs on such 
Federal land to mitigate impacts to natural re-
sources on private land; and 
(2) any administrative action to be taken by the 
Secretary of the Interior and the Secretary of Agri-
culture in response to the recommendations. 
(c) AVAILABILITY TO THE PUBLIC.—Not later than 
30 days after the date on which the report described in 
subsection (b) is submitted to Congress, the Secretary of 
the Interior and the Secretary of Agriculture shall make 
the results of the study available to the public. 
Æ 
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