CA AB2642

Establishes the Multibenefit Land Conversion Incentive Program administered by the Department of Conservation to provide grants for local programs supporting land conversion in groundwater basins.

Eligible applicants include groundwater sustainability agencies, counties, local agencies, and nongovernmental organizations designated by these entities to implement local programs within critically overdrafted basins.

Program funds can support payments for habitat restoration, conservation, rangeland conversion, cover crops, dust control, and groundwater recharge facilities, with per-acre landowner payments set between 25-50 percent of annual average irrigated cash rental rates.

Requires applicants to provide 50 percent matching funds (up to half in-kind contributions), prioritize conversion of lowest-quality agricultural soils and highest-habitat-value lands, and give special consideration to farms of 500 acres or less and socially disadvantaged farmers.

Program requires annual reporting on acres enrolled, groundwater reductions, public benefits, and implementation costs, with provisions automatically repealing the program on January 1, 2031.