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and candidate species and for significant biodiversity. Restored and newly cre- ated habitat areas would then be eligible for the above described annual property tax credits. Bonus credits could be made available to those restoration efforts resulting in recolonization by previously extirpated endangered, threatened, or candidate species. Stipulations: To qualify for the tax credit, land owners would have to develop a Habitat Restoration Plan in conjunction with the FWS or a designated state or local jurisdiction. The mitigation work required by federal or state permit re- quirements could also be eligible for these credits. Later conversion of restored lands to non-habitat uses would be penalized at a level equal to the aggregate tax benefits received for the restoration work. Rationale: There is general agreement that no incentives exist to create or im- prove endangered species habitat aside from landowner good will. The rigidity with which current ESA regulations treat returning or re-introduced populations actively discourages habitat restoration and creation efforts. A modest financial incentive coupled with regulatory reform could induce important restoration efforts. Transaction Costs: Many of the transaction costs for these restoration credits would be similar to those for property tax credits. • Habitat Restoration Plan. Plans would need to be developed with the involvement of a qualified biologist. Agency field and staff time would also be required. • Monitoring. Monitoring would be needed to ensure compliance with the specifications of the Restoration Plan and to verify approximate expenditure levels for compliance work. Research Questions and Issues: Funding levels and the probable number of interested landowners are difficult to estimate without more precise data on endangered species dispersal on private lands. A second issue concerns the regulatory treatment of those properties and landowners who are able to induce returning populations of endangered species. Current ESA legislation and regula- tion provide little consideration for landowner concerns about returning popula- tions. Proposal 3 - Partial Tax Credits for ESA Compliance Expenditures by Small Landowners Description: Federal tax credits would be allowed for a percentage of the ex- penses incurred by small landowners complying with the ESA. Examples of compliance expenses include biological studies and field surveys, labor devoted 7