By Kathleen Caggiano, Bloomberg BNA
Under legislation enacted in Iowa, real estate used in the production of algae to be harvested as a crop for animal feed, food, nutritionals, or biofuel production is classified as ‘‘agricultural property,’’ for valuations established on or after Jan. 1, 2013. [H.B. 632, enacted 5/24/13]
As a result of the ‘‘agricultural property’’ classification, algae is ‘‘on the same economic footing as corn and soy,’’ says Tim Burns, CEO of BioProcess Algae LLC.