(a) The following described property, to the extent herein specified, shall be exempt from all property taxes levied under the laws of the state of Kansas: Any storage and blending equipment.

(b) The provisions of subsection (a) shall apply from and after installation of such equipment and for the 10 taxable years immediately following the taxable year in which installation of such equipment is completed.

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(c) The provisions of this section shall apply to all taxable years commencing after December 31, 2006.

(d) As used in this section, “storage and blending equipment” has the meaning provided in Kan. Stat. Ann. § 79-32,251, and amendments thereto.