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07/11/2013

Real Estate Used in Algae Production Classified as ''Agricultural Property'' in Iowa

 

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.

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