VA SB499

Establishes the Chesapeake Bay Pay for Outcomes Fund as a permanent, nonreverting special fund in the state treasury to provide outcome-based payments for verified reductions in nutrient and sediment pollution from nonpoint sources within the Chesapeake Bay watershed

Prioritizes projects that contribute to meeting Chesapeake Bay Total Maximum Daily Load (TMDL) pollutant reduction goals or advance local nutrient impaired stream TMDLs and state waters restoration efforts

Requires funded projects to demonstrate verified pollutant reductions through empirical data, monitoring, or third-party validation, show "additionality" (new outcomes beyond existing programs), and minimize "leakage" (pollutant increases elsewhere)

Creates a competitive solicitation process with scoring criteria prioritizing cost-effectiveness, assurance of load reduction, readiness to proceed, habitat and resilience benefits, and long-term nutrient reduction benefits

Mandates annual reporting to Senate and House committees by October 1 each year on approved projects, fund obligations, and outcomes