summary
Introduced
01/14/2026
01/14/2026
In Committee
02/18/2026
02/18/2026
Crossed Over
02/16/2026
02/16/2026
Passed
Dead
03/14/2026
03/14/2026
Introduced Session
2026 Regular Regular Session
Bill Summary
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.
AI Summary
This bill allows the Department of Wildlife Resources to participate in carbon markets to preserve, restore, and manage coastal and marine resources on state-owned underwater lands and property, which are areas like the seabed. The Department can make agreements with private companies to help register and sell "offset credits," which are essentially measurable reductions in greenhouse gas emissions. The state will own these credits until they are sold, and the Department can also make agreements with those who lease these underwater lands, keeping a portion of the money from credit sales to cover its administrative expenses. The remaining revenue from selling these credits will be split, with 75 percent going to the Oyster Replenishment Fund, a fund dedicated to restoring oyster populations, and 25 percent going to the qualifying leaseholder.
Committee Categories
Agriculture and Natural Resources
Sponsors (1)
Last Action
Stricken at request of Patron in Agriculture, Conservation and Natural Resources (13-Y 0-N) (on 02/24/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://lis.virginia.gov/bill-details/20261/HB1152 |
| BillText | https://lis.virginia.gov/bill-details/20261/HB1152/text/HB1152HC1 |
| BillText | https://lis.virginia.gov/bill-details/20261/HB1152/text/HB1152HC2 |
| BillText | https://lis.virginia.gov/bill-details/20261/HB1152/text/HB1152H1 |
| Fiscal Note/Analysis - Fiscal Impact Statement from Department of Planning and Budget (HB1152) | https://lis.blob.core.windows.net/files/1101003.PDF |
| BillText | https://lis.virginia.gov/bill-details/20261/HB1152/text/HB1152 |
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