FOR AN ACT ENTITLED, An Act to revise certain provisions regarding tax refunds for energy related projects and facilities.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
    Section 1. That § 10-45B-17 be amended to read as follows:
    10-45B-17. Notwithstanding any provision of this chapter, this section controls the amount of refunds payable under this chapter for any new business facility that is a wind energy facility or environmental upgrade to an existing electric generation plant and has a construction date on or after January 1, 2010 2013. For project costs incurred and paid from after July 1, 2010, to December 31, 2012, inclusive 2013, the amount of the refund shall be determined by applying the provisions of this chapter in effect on July 1, 2010 2013. The amount of the tax refund for a wind energy facility or environmental upgrade to an existing electric generation plant shall be a percentage of the taxes paid, as follows:

            (1)    For project costs of less than ten million dollars, there shall be no refund;

            (2)    For project costs of ten or more million dollars but less than forty million dollars, there shall be a refund of forty-five percent of the taxes paid; and

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            (3)    For project costs of forty or more million dollars, there shall be a refund of fifty-five percent of the taxes paid.

    No tax refund may be given for any project cost incurred and paid on or after January 1, 2013, except for performance retainage amounts, not to exceed ten percent, related to the project.
    Section 2. If the referred law, House Bill 1230, is not passed by the voters of this State on November 6, 2012, the provisions of this Act are effective on January 1, 2013.