This bill addresses requirements relating to a carbon credit transaction. This bill: - defines and modifies terms; - creates a 25% tax for the sale of a carbon credit and includes penalties for a violation; - creates a licensing requirement for a carbon credit transaction; - creates a tax credit for an in-state carbon credit; - establishes reporting requirements for a person selling or exchanging an in-state carbon credit; - creates a right of first refusal for the Office of Energy Development (office) to purchase an in-state carbon credit; - requires the office to submit a proposal for purchasing an in-state carbon credit to:a committee or commission designated by the Legislative Management Committee; andthe state treasurer; - voids a sale or exchange of an in-state carbon credit that violates state requirements; - requires a state entity that owns or controls a carbon credit to report a digital identification number and valuation of the carbon credit to the office; - creates a restricted account for the office to purchase in-state carbon credits; and - makes technical and conforming changes.

Statutes affected:
Introduced: 59-1-306, 79-6-1301, 79-6-1302, 79-6-1303