Requires the commission to conduct a study to evaluate the feasibility and desirability of establishing farm-based or forest-based conservation markets in Washington.

Provides if the study determines that farm-based conservation markets are feasible and desirable, the commission, contracting entity, or both, shall conduct two demonstration projects in Washington farm communities.

Provides if the project proceeds into the demonstration project phase, the commission shall present findings and recommendations regarding the conservation markets' demonstration projects to the governor and appropriate committees of the legislature by December 1, 2009.