(1) Subject to the conditions of this section, a special biodiesel fuel producer is exempt from the special fuel tax imposed by 15-70-403 on biodiesel produced by the producer from waste vegetable oil feedstock.
(2) This section does not apply to special fuel used for agricultural purposes pursuant to 15-70-430.
(3) To qualify for the exemption under this section, the special biodiesel fuel producer shall:
(a) register annually with the department; and
(b) report on the amount of biodiesel produced and used by the producer in a calendar year by February 15 of the succeeding year.