Establishes the Iowa carbon dioxide disaster relief fund and an excise tax to support disaster response and recovery.
The bill establishes the Iowa carbon dioxide disaster relief fund to support disaster response and recovery from incidents involving liquefied carbon dioxide pipelines or storage systems. The fund is financed by an excise tax on the transportation capacity and actual transportation of liquefied carbon dioxide within Iowa. The fund must maintain a minimum of $10 billion to allow pipelines to operate.
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