RELATING TO CARBON SEQUESTRATION INCENTIVES.
What changed between versions
Program is now permanently established instead of being a temporary pilot program with a sunset date.
Appropriates funds from general revenues for fiscal years 2025-2026 and 2026-2027 to support the permanent program.
Incentive contracts must now be for a term of no less than one year and no longer than thirty years, with contract length correlating to compensation rates.
Added new department responsibilities including estimating sequestration rates, conducting research on compensation rates, and community outreach activities.
Added detailed definitions for Phase I and Phase II activities, specifying which agricultural and forestry practices qualify for each phase.
Added a requirement that no program participant may use compensation for carbon offsetting initiatives.