(1) There is hereby imposed a floor-stocks tax on agricultural ethyl alcohol owned by any person on January 1, 2005, if:
(a) No tax was imposed on such fuel under section 66-489 as the section existed on December 31, 2004; and
(b) Tax would have been imposed on such fuel by section 66-489 as the section existed for periods prior to January 1, 2005.
(2) The rate of the tax imposed by this section shall be the amount of tax imposed under section 66-489 on December 31, 2004.
(3) Any person owning agricultural ethyl alcohol on January 1, 2005, to which the tax imposed by this section applies shall be liable for such tax. The tax imposed by this section shall be paid before July 1, 2005, and shall be paid in such manner as the department prescribes.