Last year's Tu B'Shevat post is here. See also here and here.
For biblical background, see here. The name "New Year for Trees" comes from Mishnah Rosh HaShanah 1.1. That passage gives two alternative dates for the celebration, one from Shammai and one from Hillel. Hillel's date (15 Shevat) is the one celebrated at present. The Hebrew phrase Tu B'Shevat means "the 15th of Shevat."
UPDATE (13 February): More here.
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