(1) The department shall submit all qualifying derelict aquatic structure removal projects or project elements on aquatic lands not managed by a port district under RCW 79.105.420 to the Puget Sound partnership nearshore credits program or other similar mitigation credit programs to generate conservation credits to help federal permit applicants meet obligations to offset impacts from their aquatic projects.

(2) Any payments or revenues the department receives from the sale of credits in the nearshore credits program or other similar mitigation credit program must be directed to the derelict structure removal account.