1. The fund's payment of a remedial claim by an owner or operator reporting a release under section 455G.9, subsection 1, paragraph "a", subparagraph (2), shall be subject to an environmental damage offset if the owner or operator closed or removed the tank and did not replace it. An owner or operator who has declared bankruptcy shall not be subject to the offset. A site which is not being used for commercial purposes is not subject to the offset unless offered for sale. If a site is exempt under this subsection from the offset, but is later subject to the lien imposed under section 455G.13, subsection 5, the amount of the lien shall include the amount of the offset which would have been imposed if the site was not exempt during remediation.
2. The offset shall be equal to the average annual environmental protection charge on diminution imposed under chapter 424 which would be paid for tanks of similar size. The offset shall be based on the rate of diminution presently in force, regardless of the date on which the tank was closed. The offset shall apply to the release which is still subject to remedial fund payments under section 455G.9.
3. Offsets under this section shall be credited to cost recovery enforcement proceeds under section 455G.8, subsection 5.
4. The board shall adopt rules as necessary and convenient for the implementation and administration of the offset.
91 Acts, ch 252, §41
Iowa General Assembly
Search: Iowa Code 1995
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