The proposed bill aims to establish a Forest Carbon Registry in West Virginia, administered by the Division of Forestry, to track properties affected by carbon offset agreements and projects. It introduces new legal language defining key terms such as "forest carbon offset agreement," "forest carbon offset project," and "GIS shapefile." The registry will require the inclusion of detailed information about encumbered properties, including legal descriptions, GIS shapefiles, and contact information for involved parties. Developers and landowners are tasked with recording their carbon offset activities within a specified timeframe, and the Division of Forestry is authorized to create rules for the registry's implementation and maintenance.

Additionally, the bill outlines penalties for noncompliance with the recording requirements. Developers or landowners who fail to record their agreements or projects may face escalating civil penalties, starting at $2,500 for the first offense and increasing to $5,000 for the second offense, with subsequent violations leading to the suspension of their West Virginia business license. The bill also mandates that any collected penalties be deposited into the Division's operating fund to support the registry's administration. Overall, the legislation seeks to enhance transparency and accountability in managing forest carbon resources in the state.

Statutes affected:
Introduced Version: 19-1D-1, 19-1D-2, 19-1D-3, 19-1D-4
Committee Substitute: 19-1D-1, 19-1D-2, 19-1D-3, 19-1D-4
Committee Substitute for the Committee Substitute: 19-1D-1, 19-1D-2, 19-1D-3, 19-1D-4