The proposed bill aims to establish a Forest Carbon Registry in West Virginia, administered by the Division of Forestry, to track properties encumbered by carbon offset agreements and projects. It introduces new legal definitions and requirements, including the necessity for geographic information system (GIS) shapefiles to delineate the boundaries of affected properties. The bill mandates that developers and landowners record their carbon offset activities with the registry and in the county courthouse within 60 days of executing agreements or initiating projects. Additionally, it sets a deadline of July 1, 2027, for existing agreements to be recorded, ensuring that the information is accessible during title searches.

To enforce compliance, the bill outlines civil penalties for noncompliance, starting with a $2,500 fine for the first offense and escalating to a $5,000 fine for the second offense, with subsequent violations resulting in the permanent suspension of the responsible party's West Virginia business license. The Division of Forestry is also empowered to pursue legal actions to ensure adherence to the new regulations. The collected penalties will be directed to the division's operating fund to support the registry's administration.

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