An Act to classify include lithium as a in the definition of precious metal for the purpose of taxation and to authorize a new tax purposes of the minerals severance tax.

Be it enacted by the Legislature of the State of South Dakota:

Section 1. That § 10-39-42 be AMENDED:

10-39-42. Terms used in this chapter mean:

(1) "Department," the South Dakota Department of Revenue;

(2) "Precious metals," gold, and silver, and lithium;

(3) "Secretary," the secretary of the South Dakota Department of Revenue department; and

(4) "Severing," the mining, extracting, or producing of any precious metal.