FOREST Act of 2023 Fostering Overseas Rule of law and Environmentally Sound Trade Act of 2023
Impact
The bill proposes significant amendments to the Tariff Act of 1930 to enforce strict compliance measures for the importation of covered commodities. Importers will be required to provide electronic declarations certifying that their products do not stem from areas of illegal deforestation. This measure aims to bolster supply chain transparency and accountability among importers while putting new scrutiny on the sourcing of various goods, including agricultural products like palm oil and beef, known for their links to deforestation.
Summary
Senate Bill 3371, titled the 'Fostering Overseas Rule of law and Environmentally Sound Trade Act of 2023', aims to combat illegal deforestation by instituting a prohibition on the importation of goods produced entirely or partially from commodities originating on illegally deforested land. This legislation is a response to rising global concerns regarding environmental degradation, particularly in tropical regions, where illegal deforestation has been largely attributed to commercial agriculture practices that violate local laws.
Contention
The bill's efficacy may be shadowed by its potential implications on international trade dynamics and relationships with countries identified as having inadequate protections against illegal deforestation. Questions arise regarding how the legislation could affect U.S. imports from nations where environmental protections are not enforced efficiently. Additionally, concerns from various stakeholders, including environmentalists and human rights advocates, highlight the risk that the implementation of these rules might inadvertently harm economically vulnerable communities dependent on these industries while addressing environmental concerns.
Requires permit and compensatory reforestation plan for development projects that result in deforestation; establishes grant program for reforestation activities by private landowners; establishes "State Compensatory Reforestation Fund."
Requires permit and compensatory reforestation plan for development projects that result in deforestation; establishes grant program for reforestation activities by private landowners; establishes "State Compensatory Reforestation Fund."
Maximum life and allocation period for Tax Incremental District Number 9 in the village of DeForest and the total value of taxable property that may be included in tax incremental financing districts created in the village of DeForest. (FE)