Wetlands Restoration and Conservation Act

[AI summary unavailable — showing source text] Wetlands Restoration and Conservation Act - Authorizes States to adopt wetlands restoration and conservation programs and to require the issuance of permits for development activities in protected wetlands (other than habitable areas). Provides for the issuance of conservation credits to persons carrying out approved projects. Requires credits to be used for: (1) offsetting permit requirements and restrictions for wetlands activities; and (2) matching funds for grants issued under this Act. Makes persons who fail to carry out projects for which credits are issued subject to revocation of credits or to civil penalties. Provides for the expedited issuance of permits for wetlands conservation projects. Authorizes States to submit to the Secretary of the Army for approval programs for the creation, restoration, or protection of wetlands. Requires the Secretary to delegate authority for such programs to States if the programs are consistent with this Act. Sets forth program requirements. Amends the Internal Revenue Code to establish a Wetlands Protection Trust Fund to be used only for grants to States for wetlands conservation or restoration projects. Appropriates to the Fund five perce…