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SF 299

A bill for an act establishing the Iowa carbon dioxide disaster relief fund, creating an excise tax, and making appropriations.

2025-2026 Regular Session Introduced by Doug Campbell and 7 co-sponsors

SF 299 establishes a $10 billion Iowa Carbon Dioxide Disaster Relief Fund to aid victims of CO2 disasters, funded by an excise tax on CO2 transportation and storage.

Subcommittee: Bousselot, Blake, and Driscoll.
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Bill Summary · SF 299

Summary of SF 299: Iowa Carbon Dioxide Disaster Relief Fund

Bill Number: SF 299
Introduced On: February 13, 2025
Current Status: Subcommittee: Bousselot, Blake, and Driscoll
Classification: Bill
Subject Areas: Appropriations, Disaster Relief, Carbon Dioxide, Excise Taxes, Natural Resources, Utilities

Purpose and Intent

The primary purpose of SF 299 is to establish the Iowa Carbon Dioxide Disaster Relief Fund aimed at providing financial assistance to victims of disasters related to carbon dioxide transportation and storage. The bill seeks to ensure that adequate resources are available for compensation, rebuilding efforts, and environmental restoration following such disasters.

Key Provisions

  1. Establishment of the Fund:

    • The bill creates a dedicated fund to support victims of carbon dioxide-related disasters.
    • A minimum balance of $10 billion must be maintained in the fund for any common carrier liquefied carbon dioxide pipeline to operate within Iowa.

  2. Excise Tax Implementation:

    • An excise tax will be levied on the total annual transportation capacity of liquefied carbon dioxide pipelines and storage systems in Iowa.
    • The tax will also apply to the actual amount of liquefied carbon dioxide transported through Iowa annually.
    • The specific rate of the excise tax will be determined by the Iowa General Assembly.

  3. Oversight Boards:

    • Two fiduciary oversight boards will be established:
      • Oversight Board: Comprising at least five members appointed by the governor and confirmed by the senate, focusing on maintaining the integrity of the fund and overseeing tax revenues and distributions.
      • Victim Assistance Board: Comprising at least seven members, responsible for ensuring equitable distribution of resources to disaster victims, assessing needs, prioritizing claims, and monitoring recovery progress.

  4. Disaster Response Enhancements:

    • The Victim Assistance Board will create and maintain a three-dimensional plume model network to predict the movement of carbon dioxide plumes.
    • The board will also determine necessary equipment and training for local first responders and provide compensation to local first responder units.

Affected Parties

  • Victims of Carbon Dioxide Disasters: Individuals and communities affected by incidents involving carbon dioxide pipelines and storage.
  • Local First Responders: Emergency services that will receive training and compensation to effectively respond to carbon dioxide-related incidents.
  • Pipeline Operators: Companies involved in the transportation and storage of liquefied carbon dioxide, which will be subject to the new excise tax.

Procedural Aspects

  • The bill was introduced and referred to the Commerce Committee on February 13, 2025.
  • A subcommittee has been formed to review the bill, consisting of members Bousselot, Blake, and Driscoll, with discussions ongoing as of February 18, 2025.

Conclusion

SF 299 represents a significant legislative effort to address the potential risks associated with carbon dioxide transportation and storage in Iowa. By establishing a dedicated disaster relief fund and implementing an excise tax, the bill aims to provide necessary resources for disaster response and recovery, ensuring that victims receive timely assistance while maintaining environmental safety.

Compiled from official sources — confirm details with the bill’s official record.

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