22.601.13 97th Legislative Session 595

2022 South Dakota Legislature

Senate Bill 98

ENROLLED

An Act

ENTITLED An Act to add an exemption from the calculation of adjusted gross proceeds from gaming.

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

Section 1. That § 42-7B-28.2 be AMENDED:

42-7B-28.2. When calculating adjusted gross proceeds for the purpose of applying the tax imposed by §§ 42-7B-28 and 42-7B-28.1:

(1) Free play value provided by the operator is not included in the gross proceeds;

(2) Cash prizes deducted are adjusted to not include an amount equal to ninety percent of the free play value provided by the operator; and

(3) The federal excise tax on sports wagers imposed by 26 U.S.C § 4401 (1982) is a deduction from the adjusted gross proceeds.

An Act to add an exemption from the calculation of adjusted gross proceeds from gaming.

I certify that the attached Act originated in the:

Senate as Bill No. 98

Secretary of the Senate

President of the Senate

Attest:

Secretary of the Senate

Speaker of the House

Attest:

Chief Clerk

Senate Bill No. 98

File No. ____

Chapter No. ______

Received at this Executive Office

this _____ day of _____________,

2022 at ____________M.

By

for the Governor

The attached Act is hereby

approved this ________ day of

______________, A.D., 2022

Governor

STATE OF SOUTH DAKOTA,

ss.

Office of the Secretary of State

Filed ____________, 2022

at _________ o'clock __M.

Secretary of State

By

Asst. Secretary of State