This bill applies all standards of the natural resources protection laws to Tier 1 wetlands. It requires the Department of Environmental Protection, in Tier 1 wetland review, to consider impacts to the wetland from other regulated activities that occurred during the prior year. It extends the time the department has to review Tier 1 applications from 30 days to 60 days. It directs the Department of Environmental Protection to work with the Executive Department, State Planning Office and other interested parties to develop a Tier 1 wetlands compensation program, to review and recommend changes to the wetlands exemptions and to report to the Joint Standing Committee on Natural Resources by January 1, 2006.