NC S533

Eliminates the Division of Mitigation Services in the Department of Environmental Quality and the ICI/On-Site Mitigation Group in the Department of Transportation by August 1, 2017, transferring all functions to a new Division of Mitigation Services in the Department of Transportation.

Establishes the Division of Mitigation Services in the Department of Transportation to acquire, maintain, restore, enhance, and create wetlands and riparian resources for water quality protection, flood prevention, fisheries, wildlife habitat, and recreational opportunities.

Creates an Ecosystem Restoration Fund as a nonreverting special trust fund within the Department of Transportation to receive monetary contributions, donations, and land dedications for wetlands and riparian area restoration projects.

Provides compensatory mitigation options for government entities and permit applicants, including fee payments into the Ecosystem Restoration Fund, land donations, participation in approved mitigation banks, or preparation of mitigation plans.

Requires the Department of Transportation to inventory existing state mitigation credits and develop a disposal plan for unneeded credits, with report due to the Joint Legislative Transportation Oversight Committee by December 1, 2017.