Environment

Department of Environmental Quality; carbon market participation; coastal and marine resources. Allows the Department of Environmental Quality to participate in any carbon market for the preservation, restoration, and sustainable management of the Commonwealth's coastal and marine resources on state-owned bottomlands and property and enter into agreements necessary to facilitate such participation. The bill requires the Department to hold exclusive title to such credits until such credits are sold. Any revenues resulting from the sale of such credits are required to be distributed as follows: 75 percent to the Oyster Replenishment Fund and 25 percent to the qualifying leaseholder.

Tax credit; solar energy equipment. Establishes a nonrefundable income tax credit for taxable years 2026 through 2030 for individuals who incur allowable expenses, as defined in the bill, for the purchase and installation of solar energy equipment, also defined in the bill. An individual who properly claims this credit shall be allowed a credit in the amount of 15 percent of the cost of such equipment and allowable expenses, up to $1,000. The aggregate amount of credits allowable under the provisions of the bill shall not exceed $5 million per taxable year.