CHAPTER 75

(SB 155)

Sales and use tax exemption for certain political subdivisions.


         ENTITLED, An Act to  specifically exempt certain political subdivisions from the imposition of the sales and use tax.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:

     Section  1.  That chapter 10-45 be amended by adding thereto a NEW SECTION to read as follows:

     There are hereby exempted from the provisions of this chapter and the computation of the tax imposed by it, the gross receipts received by the State of South Dakota and any of its political subdivisions including multi-county planning and development districts, established pursuant to Executive Order 70-7, or its successor, from management services provided to a revolving loan fund operated by a nonprofit entity.

     Section  2.  That chapter 10-46 be amended by adding thereto a NEW SECTION to read as follows:

     There are hereby exempted from the provisions of this chapter and the computation of the tax imposed by it, the gross receipts received by the State of South Dakota and any of its political subdivisions including multi-county planning and development districts, established pursuant to Executive Order 70-7, or its successor, from management services provided to a revolving loan fund operated by a nonprofit entity.

     Signed March 2, 2005
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