1. (a) Because the public interest would be served by the state of Indiana succeeding to the rights of a person that has conducted the underground storage of carbon dioxide, the state of Indiana, upon the recommendation of the director of the department and review by the state budget committee, may obtain ownership of:

   1. (1) the carbon dioxide stored in underground strata and formations; and

   2. (2) the underground strata and formations in which the carbon dioxide is stored;

      from the operator of the carbon sequestration pilot project.

2. (b) The state of Indiana may obtain ownership of the carbon dioxide stored in underground strata and formations and the underground strata and formations in which the carbon dioxide is stored under this section:

   1. (1) after the operator, through the carbon sequestration pilot project, has injected carbon dioxide into underground strata and formations for at least twelve (12) years; or
   2. (2) after the operator of the carbon sequestration pilot project ceases to inject carbon dioxide into underground strata and formations, if the injection ceases less than twelve (12) years after it began.

As added by P.L.291-2019, SEC.10.