H.R. 2773: Landowner Easement Rights Act

This bill, titled the Landowner Easement Rights Act, is designed to modify how conservation easements are handled by the Secretary of the Interior. A conservation easement is a legally binding agreement that restricts the use of land to protect its conservation values, like wildlife habitats and natural resources. Here’s a breakdown of the main points of the bill:

Limitation on Conservation Easement Terms

Under this bill, the Secretary of the Interior would not be able to enter into any new conservation easements that last more than 30 years. This change would apply to any conservation agreements formed after the bill is enacted.

Renegotiation of Conservation Easements

The bill allows landowners with existing conservation easements that are eligible for renegotiation to request changes. The Secretary is required to:

• Provide the landowner with a detailed map of the easement and the current fair market value of that easement within 6 months of the request.
• Renegotiate the terms of the conservation easement so that the new term is no longer than 30 years.
• Offer payment to the landowner equal to the fair market value of the easement, minus what the landowner has already received for it (with adjustments for inflation).
• Allow the landowner the option to buy back the conservation easement or a portion of it at fair market value.

Notification Requirements

The Secretary must inform landowners about their rights to request renegotiation of their conservation easements. This notification should occur:

• At least 3 months before a conservation easement becomes eligible based on certain timeframes.
• At least 1 year before a conservation easement becomes eligible based on historical agreements made before 1977 without an official map.

Definitions

The bill also provides definitions for key terms:

• Conservation easement: A voluntary agreement that limits land use for conservation purposes, excluding agreements with Indian Tribes or those related to utilities.
• Eligible conservation easement: A conservation easement that has been in effect for more than 30 years or was established before 1977 without an official map.
• Secretary: Refers to the Secretary of the Interior.

Relevant Companies

• None found