On page 1, line 1, of the Introduced bill, after "food" insert ", and to repeal a law that allows for the conditional reduction of certain gross receipts tax rates"
On page 3, after line 26, of the Introduced bill, insert: "
Section 4. That § 10-64-9 be REPEALED:
If
the state is able to enforce the obligation to collect and remit
sales tax on remote sellers who deliver tangible personal property,
products transferred electronically, or services directly to the
citizens of South Dakota, the additional net revenue from such
obligation shall be used to reduce the rate of certain taxes. The
rate of tax imposed by §§ 10-45-2,
10-45-5,
10-45-5.3,
10-45-6,
10-45-6.1,
10-45-6.2,
10-45-8,
10-45-71,
10-46-2.1,
10-46-2.2,
10-46-58,
10-46-69,
10-46-69.1,
10-46-69.2,
10-46E-1,
and 10-58-1
shall be reduced by one-tenth percent on July first following the
calendar year for which each additional twenty million dollar
increment of net revenue is collected and remitted by such remote
sellers. However, the rate of tax imposed by §§ 10-45-2,
10-45-5,
10-45-5.3,
10-45-6,
10-45-6.1,
10-45-6.2,
10-45-8,
10-45-71,
10-46-2.1,
10-46-2.2,
10-46-58,
10-46-69,
10-46-69.1,
10-46-69.2,
10-46E-1,
and 10-58-1
may not be reduced below four percent pursuant to the provisions of
this section."