79-6-1301. Definitions.
As used in this part:
(1) "Carbon credit" means a payment or offer of payment, or other financial compensation or benefit, for a carbon emission offset. "Carbon credit" includes a natural asset credit. "Carbon credit" does not include a payment or offer of payment related to: a right or interest associated with a regulated pollutant, as that term is defined in Title V of the 1990 Clean Air Act; or an industrial or commercial use of liquefied carbon dioxide.
(2) "Carbon emission offset" means: a reduction in the amount of greenhouse gas present in the atmosphere; or 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: carbon dioxide or a gas emission converted into a carbon dioxide equivalent; or methane.
(5) "Natural asset company" means the same as that term is defined in Section. 63L-13-101
(6) "Natural asset credit" means a payment or offer of payment, or other financial compensation or benefit: for the preservation of a natural and biological process on a parcel of land; or by a natural asset company for an activity described in Section. 63L-13-203 "Natural asset credit" does not include: the commercial extraction, production, or sale of a natural or agricultural resource; or 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.
(8) "State funds" means: money appropriated by the Legislature; and a bond issued by a state entity that creates a carbon emission offset. "State funds" does not include money or financial benefit in the form of: a tax incentive; a permit or an activity related to the development of a permit issued by a state entity; or a federal grant administered by a state entity.