09/26/07 ESA reform bill clears Senate committee

Senator Mike Crapo's legislation to provide tax incentives for private landowners to improve habitat for threatened and endangered species has been approved in the Senate Finance Committee. CRAPO "About 80 percent of all of the species that are either endangered or threatened are on private property not public land and therefore engaging the private property owners of the world in the efforts to recover species and providing compensation to them through the financial incentives and tax code provisions that we included in this legislation are a way that we can have a win-win." Senate Bill 700 has 22 co-sponsors, including the Senate Majority Leader and Finance Committee chairman. Still to be determined is the method of compensation for private property owners. Crapo says one idea is to close what are perceived as loopholes in the tax code but he has some concerns with that. CRAPO "Although it could be drafted in a way that truly just closes the tax loopholes that are of concern it currently is drafted in a way that I think will have some unintended consequences on some of our large financial institutions in terms of causing some damage to the strength of these large institutions." A companion bill has been introduced in the House and Crapo believes that strong Senate support may help get this legislation to the President by the end of the year. Today's Idaho Ag News Bill Scott