This bill requires the Environmental Protection Agency to consider the full lifecycle greenhouse gas emissions from burning forest biomass for electricity when creating new environmental rules and regulations. The legislation defines forest biomass broadly to include trees grown for energy, wood waste from mills, forest thinnings, and timber residues, but excludes commonly recycled paper and regular solid waste. The EPA must complete a study within one year of the bill's enactment, in consultation with the Department of Energy and Department of Agriculture, to assess how forest biomass electricity production affects nearby communities, including impacts from noise, dust, and air pollution at pellet mills and harvesting operations. The study must also collect data on air quality, the race and socioeconomic status of affected residents, and compliance records of biomass facilities. Within 60 days of completing the study, the EPA must report findings to Congress and the EPA's Science Advisory Board to inform future regulations on forest biomass energy production.