A carbon dioxide transmission pipeline company that exercises the authority set forth in section 7(a) of this chapter shall:

1. (1) compensate the property owner by making a payment to the owner equal to:

   1. (A) one hundred twenty-five percent (125%) of the fair market value of the interest in the property acquired, if the right-of-way or easement involves agricultural land; or
   2. (B) one hundred fifty percent (150%) of the fair market value of the interest in the property acquired, if the right-of-way or easement involves a parcel of property occupied by the owner as a residence; and

2. (2) pay to the property owner:

   1. (A) any damages determined under IC 32-24-1 ; and

   2. (B) any loss incurred in a trade or business;

      that are attributable to the exercise of eminent domain.

As added by P.L.150-2011, SEC.18. Amended by P.L.291-2019, SEC.8.