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Senate Bill 0250

Senate Bill 0250

ARCHIVE (2007)

Latest Information

DIGEST OF SB 250 (Updated April 28, 2007 4:13 pm - DI 14)

Grain buyers and corn marketing. Provides that the sales tax deductions for E85 may exceed the current statutory limit to the extent funds are available for reimbursement from the corn market development account. Provides that 25% of the net amount collected in the corn market development account is used for deductions for the sale of E85. Provides that the term "first purchaser" does not include a buyer of corn who buys less than one hundred thousand (100,000) bushels of corn annually for the buyer's own use as seed or feed. (Current law sets the exemption at 50,000 bushels.) Provides that corn assessments do not apply to seed corn. Provides that a producer has 180 days to claim a refund. Provides for an annual audit of the corn marketing council (council). Changes membership on the council. Requires the council to have an annual audit. Provides that the council may audit first purchasers. Provides that in three years if at least 25% of the assessments are refunded, the program terminates. Provides that if the program does not terminate in three years, after the three years, the program terminates if for two consecutive years at least 25% of the assessments are refunded. Specifies that if the corn marketing council requires an audit, the council must pay for the audit. Creates the grain buyers and warehouse licensing agency license fee fund (fund). Provides that fees collected by the grain buyers and warehouse licensing agency are deposited in the fund.
    Current Status:
    Law Enacted
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