Florida Senate Introduces SB 492 to Address Mitigation Banking Credit Shortages
On February 5, 2025, the Florida Senate filed SB 492, a bill aimed at addressing mitigation banking credit shortages in key watersheds across the state. As demand for mitigation credits continues to rise, this bill seeks to refine regulatory processes to ensure more efficient credit availability while maintaining environmental integrity.
What Does SB 492 Propose?
SB 492 introduces key adjustments to state mitigation bank permitting practices, including:
- Credit Release Schedule Modifications – The bill mandates that the Florida Department of Environmental Protection (FDEP) and water management districts adhere to a revised credit release schedule, ensuring a more predictable flow of available credits.
- Use of Credits Beyond Service Areas – In cases where a documented credit shortage exists, the bill allows credits to be used outside a mitigation bank’s traditional service area—but only under certain conditions, using a proximity factor to guide placement.
- Improving Credit Availability in High-Demand Watersheds – The bill is designed to expand access to credits in areas where demand outpaces supply, preventing project delays and ensuring sustainable development continues across the state.
What This Means for the Mitigation Banking Industry
If passed and signed into law, SB 492 would take effect July 1, 2025. The bill could provide much-needed flexibility to mitigation bankers, developers, and environmental consultants who face challenges in securing credits within constrained service areas. At The Mitigation Banking Group, we are closely monitoring this legislation and actively engaging with stakeholders to ensure that our industry’s interests are represented.
Stay Informed & Get Involved
The Florida Association of Mitigation Bankers is actively working on this bill to safeguard the industry’s future while maintaining the ecological integrity of Florida’s wetlands.
Read the full bill here: SB 492
As always, if you have questions about how SB 492 might impact your mitigation banking operations, feel free to reach out to me directly at victoria@mitigationbankinginc.com.
Let’s work together to ensure Florida’s mitigation banking industry remains strong and sustainable!
