Authorizes individuals or entities undertaking land development activities to be permitted to meet requirements for managing stormwater by offsetting such activities through the establishment of equivalent stormwater management practices off-site within the Bay ecosystem.
Authorizes Bay states to use funds made available under the nonpoint source management program for activities related to reducing losses of nitrogen, phosphorus, or sediment from agricultural or nonindustrial private forest land through a watershed partnership developed under the Food and Security Act of 1985.
Establishes an independent Chesapeake Bay Nutrient and Sediment Trading Commission in the Office of the Chesapeake Bay Program to: (1) administer the nitrogen, phosphorus, and sediment trading program for Delaware, Maryland, New York, Pennsylvania, Virginia, West Virginia, and the District of Columbia to ensure that credits are generated to attract market participants and facilitate trading mechanisms among and within such jurisdictions to meet water quality goals; (2) operate a registry for interstate water quality trading; and (3) develop a system to allow for trading to occur between point source and non-point source dischargers and any combination thereof among and within Bay states. Terminates the Commission on September 30, 2018.
Amends the Food Security Act of 1985 to require the Secretary to enter into a memorandum of understanding with the chief executive of a Bay state upon such executive's request to establish a watershed partnership. Authorizes each partnership to establish a watershed strategy for demonstrating aggregate reductions in losses of nitrogen, phosphorus, and sediment, on a basin or subbasin scale in the Bay watershed, from agricultural or nonindustrial private forest land in the state. Requires such strategies to establish an assurance process in which qualified producers or owners of non-industrial forest land may participate.
Requires the Secretary to: (1) provide conservation technical assistance to educate agricultural and private forest landowners in the Bay regarding water quality requirements, (2) publish a list of eligible agricultural and forestry activities that result in environmental service benefits, and (3) establish a pilot program for the Bay watershed for the facilitation of creating environmental service markets.