1. (a) First purchasers shall collect an assessment equal to one-half of one percent (0.5%) of the net market price on all soybeans sold in Indiana and remit to the ISA all assessments collected under this section in the manner prescribed by subsection (f).
2. (b) The first purchaser may only impose and collect an assessment on a quantity of soybeans once.
3. (c) Only the general assembly may change the rate of the assessment imposed by this section.

4. (d) The first purchaser of a quantity of soybeans shall deduct the assessment on the soybeans from the money to be paid to the producer based on the sale of the soybeans. A first purchaser shall accumulate assessments collected under this section throughout each of the following periods:

   1. (1) January, February, and March.
   2. (2) April, May, and June.
   3. (3) July, August, and September.
   4. (4) October, November, and December.
5. (e) Within thirty (30) days after the end of each period, the first purchaser shall remit to the ISA all assessments collected during the period. A first purchaser who remits all assessments collected during a period within thirty (30) days after the end of the period is entitled to retain three percent (3%) of the total of the assessments as a handling fee.
6. (f) The assessment on the sale of the soybeans must occur at the time of first purchase as the payment for the soybeans is received by the producer.

As added by P.L.8-2026, SEC.1.