Forest Carbon Incentives Program Act of 2009 - Requires the Secretary of Agriculture to establish a carbon incentives program to achieve supplemental greenhouse gas emission reductions on private forest land of the United States. Directs the Secretary (subject to specified requirements) to provide to owners of eligible land financial incentive payments for: (1) eligible practices that measurably increase carbon sequestration and storage over a designated period, as specified through a climate mitigation contract; and (2) permanent avoided deforestation agreements (i.e., permanent conservation easements that cover eligible land that will not be converted for development).
Directs the Secretary to: (1) specify requirements to address intentional or unintentional reversal of carbon sequestration during the contract period; (2) issue regulations that specify eligible practices and related compensation rates, standards, and guidelines; (3) establish and implement protocols that provide monitoring and verification of compliance with such contracts; (4) report on progress toward reaching specified levels of carbon sequestration and storage through such contracts; and (5) adjust (at least every two years) eligible practices and compensation rates for future contracts based on the results.