Establishes a carbon farming tax credit for farmers
What changed between versions
The definition of carbon farming was expanded to include sequestration in agricultural soils, minerals, biomass, and carbonate minerals or bicarbonates, rather than just soil and vegetation.
References to the Environmental Conservation Law regarding credit calculation were removed from the tax law sections, simplifying the regulatory framework.
New requirements were added for a carbon farming certification committee to establish and approve certification frameworks and practice standards.
New definitions were added for carbon farming certification framework, practice standards, credit value, durability rating, and MRV (monitoring, reporting, and verification).
The bill was reorganized to create a new Article 11-C specifically for carbon farming, with separate sections for legislative findings, definitions, certification committee, approval, and education.