Via Western Citizen, American Farmland Trust lays out what this legislation aims to do:

1) Ensure agriculture is not subject to an emissions cap;

2) Ensure USDA promulgates the rules and administers any agricultural offset program;

3) Create clear authority so projects partially-funded with government money are eligible for credits, and ensures stackable environmental credits from projects are recognized;

4) Create clearer mechanisms to recognize producers and systems already in place in voluntary carbon markets;

5) Clarify various technical requirements for carbon sequestration projects;

6) Create a comprehensive and well-funded government carbon conservation program for producers who are ineligible or unable to participate in a carbon offset market; and

7) Provide supplemental funding for various programs to jumpstart renewable energy projects.

Original cosponsors included Senators Baucus, Klobuchar, Brown, Harkin, and Begich.

Here is the text of the bill:

Here is a section-by-section summary:

Here is a one-pager: