Chesapeake Bay Program Reauthorization and Improvement Act

Chesapeake Bay Program Reauthorization and Improvement Act - Amends the Federal Water Pollution Control Act (commonly known as the Clean Water Act or CWA) to establish: (1) financial reporting requirements for restoration activities in the Chesapeake Bay watershed; and (2) the Independent Evaluation and Technical Advisory Committee to review and report on restoration activities in the Bay ecosystem and to provide recommendations to the Administrator of the Environmental Protection Agency (EPA) and the Secretary of the Department of Agriculture (USDA) on such activities. Authorizes appropriations for FY2010-FY2015.

Authorizes a total maximum daily load (TMDL) for nitrogen, phosphorus, or sediment for the Bay and its tributaries to include load expressions for wasteload allocations or load allocations using time frames other than daily for sectors where non-daily allocations are most appropriate to implement applicable water quality standards. Sets forth provisions governing issuing National Pollutant Discharge Elimination System permits for discharges that include waste load allocations that are consistent with TMDL plans.

Authorizes individuals or entities undertaking land development activities to be permitted to meet requirements for managing stormwater by on-site infiltration by paying to offset them through the establishment of equivalent stormwater management practices off-site within the Bay ecosystem.

Establishes an independent Chesapeake Bay Nutrient and Sediment Trading Commission in the Office of the Chesapeake Bay Program to: (1) administer the nitrogen and phosphorus trading program for Delaware, Maryland, New York, Pennsylvania, Virginia, West Virginia, and the District of Columbia to ensure that credits are generated to attract market participants and facilitate trading mechanisms among and within such jurisdictions to meet water quality goals; (2) operate a registry for interstate water quality trading; and (3) develop a system to allow for trading to occur between point source and non-point source dischargers in Bay states. Terminates the Commission on September 30, 2015.

Amends the Food Security Act of 1985 to require the Secretary to: (1) establish standards for risk assessment, conservation planning, verification, water quality, and auditing practices that states can incorporate into their Chesapeake Bay management plan under the CWA; (2) provide conservation technical assistance to educate agricultural and private forest landowners in the Bay regarding water quality requirements; (3) publish a list of eligible agricultural and forestry activities that result in environmental service benefits; and (4) establish a pilot program for the Bay watershed for the facilitation of creating environmental service markets.