Be it enacted by the General Assembly of Virginia:

1. That §10.1-1186.6 of the Code of Virginia is amended and reenacted as follows:

§10.1-1186.6. Carbon market participation; submerged aquatic vegetation.

The Department may participate in any carbon market for which submerged aquatic vegetation restoration qualifies as an activity that generates carbon offset credits. Any revenue resulting from the sale of such credits shall be paid into the state treasury and credited to the Marine Habitat and Waterways Improvement Fund established pursuant to §28.2-1204.2 to be used to implement additional submerged aquatic vegetation monitoring and research or to cover any administrative costs of participation in the credit market. The Department may enter into agreements necessary to effect such participation, including with private entities for assistance with registration and sale of offset credits. The Department shall hold exclusive title to such credits until sold.