Relating to the creation of credits for the restoration of salmon habitat; prescribing an effective date.

Directs the Department of State Lands, in consultation with the State Department of Fish and Wildlife, to develop a salmon credit pilot program to encourage the voluntary restoration of salmonid habitat in the Coquille and Coos watershed basins. Establishes the Salmon Credit Trust Fund. Directs the Department of State Lands and the State Department of Fish and Wildlife to consult with the United States Army Corps of Engineers to seek federal approval for a bank instrument and authorization of activities that occur in navigable waters of the United States.

Becomes operative on the date that the federal authorization and bank instrument are approved. Provides that the Department of State Lands may not approve a salmon credit project on or after January 1 of the sixth year following federal approval. Takes effect on the 91st day following adjournment sine die.