CHAPTER 53

(SB 92)

Contractor's excise tax refund changed for certain projects.

         ENTITLED, An Act to  revise the formula for determining the amount of the sales, use, and contractor's excise tax refund provided to certain new business facilities.

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

     Section  1.  That § 10-45B-5.1 be amended to read as follows:

     10-45B-5.1.   The amount of the tax refund for a new business facility 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 twenty fifteen million dollars there shall be a refund of twenty-five percent of the taxes paid;

             (3)      For project costs of twenty fifteen or more million dollars but less than sixty twenty million dollars there shall be a refund of fifty thirty-three percent of the taxes paid;

             (4)      For project costs of sixty twenty or more million dollars but less than six hundred forty million dollars there shall be a refund of fifty percent of the taxes paid;

             (6)    For project costs of sixty million dollars or more but less than six hundred million dollars there shall be a refund of seventy-five percent of the taxes paid; and

             (5) (7)      For project costs of six hundred million dollars and greater there shall be a refund of ninety percent of the taxes paid.

     Signed February 21, 2006

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