1. An environmental protection charge is imposed upon diminution. A depositor shall collect from the receiver of petroleum deposited into a tank, the environmental protection charge imposed under this section on diminution each time petroleum is deposited into the tank, and pay the charge to the department as directed by this chapter.
2. The environmental protection charge shall be equal to the total volume of petroleum deposited in a tank multiplied by the diminution rate multiplied by the cost factor.
3. The diminution rate is one-tenth of one percent.
4. Diminution equals total volume of petroleum deposited multiplied by the diminution rate established in subsection 3.
5. The cost factor is an amount per gallon of diminution determined by the board pursuant to this subsection. The board, after public hearing, shall determine, or shall adjust, the cost factor to the greater of either an amount reasonably calculated to generate an annual average revenue, year to year, of fifteen million three hundred thousand dollars from the charge, excluding penalties and interest, or ten dollars. The board may determine or adjust the cost factor at any time but shall at minimum determine the cost factor at least once each fiscal year.
89 Acts, ch 131, § 15; 90 Acts, ch 1235, § 9--;11; 91 Acts, ch 252, §3
Referred to in § 424.2, 424.7, 424.9, 424.16
Iowa General Assembly
Search: Iowa Code 1995
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