79-6-1301. Definitions.

382 words·~2 min read·/ut/title-79/chapter-6/79-6-1301

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 5/6/2026

As used in this part:

(a)"Carbon credit" means a payment or offer of payment, or other financial compensation or benefit, for a carbon emission offset.

(b)"Carbon credit" includes a natural asset credit.

(c)"Carbon credit" does not include a payment or offer of payment related to:

(i)a right or interest associated with a regulated pollutant, as that term is defined in Title V of the 1990 Clean Air Act; or

(ii)an industrial or commercial use of liquefied carbon dioxide.

(2)"Carbon emission offset" means:

(a)a reduction in the amount of greenhouse gas present in the atmosphere; or

(b)an amount of greenhouse gas prevented from entering the atmosphere.

(3)"Digital identification number" means an identification number assigned to a carbon credit by a governmental or accredited third-party verification entity that certifies or registers a carbon credit for sale or exchange.

(4)"Greenhouse gas" means:

(a)carbon dioxide or a gas emission converted into a carbon dioxide equivalent; or

(b)methane.

(5)"Natural asset company" means the same as that term is defined in Section 63L-13-101 .

(a)"Natural asset credit" means a payment or offer of payment, or other financial compensation or benefit:

(i)for the preservation of a natural and biological process on a parcel of land; or

(ii)by a natural asset company for an activity described in Section 63L-13-203 .

(b)"Natural asset credit" does not include:

(i)the commercial extraction, production, or sale of a natural or agricultural resource; or

(ii)a right or interest associated with the beneficial use or appropriation of water.

(7)"State entity" means a department, commission, board, council, agency, institution of higher education, officer, corporation, fund, division, office, committee, authority, laboratory, library, unit, bureau, panel, or other administrative unit of the state.

(a)"State funds" means:

(i)money appropriated by the Legislature; and

(ii)a bond issued by a state entity that creates a carbon emission offset.

(b)"State funds" does not include money or financial benefit in the form of:

(i)a tax incentive;

(ii)a permit or an activity related to the development of a permit issued by a state entity; or

(iii)a federal grant administered by a state entity.

Amended by Chapter 404 , 2026 General Session