Requirements for sale by state entity -- Administration by state auditor -- Report

(1) Before a state entity may sell or exchange a carbon credit, the state entity shall: (a) obtain a digital identification number for the carbon credit; and (b) report to the state auditor, in a form and manner approved by the state auditor: (i) a digital identification number for the carbon credit; (ii) a description of the carbon emission offset, including the source of the carbon emission offset, that is the subject of the carbon credit; and (iii) the terms of a negotiated sale or exchange of the carbon credit with an attempted buyer. (2) Before November 30 of each year, the state auditor shall report to the Natural Resources, Agriculture, and Environmental Quality Appropriations Subcommittee: (a) the revenue generated from the sale of carbon credits by state entities reported under Subsection (1)(b); and (b) a summary of the carbon credit transactions reported to the state auditor under Subsection (1)(b).