1. (a) The administrator may pay an ELTF claim for fifty percent (50%) of the costs of decommissioning or replacing an underground petroleum storage tank, provided that:

   1. (1) the applicant is the owner of the tank;
   2. (2) such decommissioning or replacement is necessary, in the judgment of the administrator, to protect human health and the environment considering the age, obsolescence, and level of deterioration of the tank; and

   3. (3) the costs:

      1. (A) are reasonable and cost effective; and
      2. (B) result from or reimburse the claimant for work performed decommissioning the tank or replacing the tank with a new tank.

2. (b) The expenses described in subsection (a) that are paid from the ELTF in a state fiscal year may not exceed:

   1. (1) ten million dollars ($10,000,000) each year for claims submitted by applicants owning not more than twelve (12) underground petroleum storage tanks;
   2. (2) seven million five hundred thousand dollars ($7,500,000) each year for claims submitted by applicants owning more than twelve
   3. (12) but not more than one hundred (100) underground petroleum storage tanks; and
   4. (3) two million five hundred thousand dollars ($2,500,000) each year for claims submitted by applicants owning more than one hundred (100) underground petroleum storage tanks.

As added by P.L.176-2023, SEC.44.