AG-FARM PRODUCTS ECON DEVELOP

Creates the Farm Products Economic Development Act. Provides that the Director of Agriculture shall make cash payments to Illinois grain processors that use corn to make ethyl alcohol and other products. Sets the amount of payment at 30 cents per bushel for each bushel used in a grain-processing center that began production after January 1, 2003. Provides that payments may be made only during the first 5 years of operation. Establishes a claims procedure and requires audits of the claims made. Requires the Department of Agriculture to promulgate emergency and permanent rules to implement the Act. Provides that the Act is repealed on January 1, 2012, at which time the remaining unobligated balance shall revert to the General Revenue Fund. Makes other provisions. Effective immediately.