Streamlined Sales and Use Tax Agreement tax relief fund created.
There is hereby created in the state treasury the tax relief fund. The revenue collected
pursuant to section 2 of this Act shall be deposited in the tax relief fund for the purpose of reducing
the rate of taxation or reducing property taxes. The fund shall be invested as provided by law, and
the interest earned shall be credited to the fund. The Legislature may not appropriate any money
from the tax relief fund until the second fiscal year after Congress approves legislation giving
states the authority to require retailers to collect South Dakota's sales and use tax.
The additional net revenue received by the state from voluntary retail licensees shall
be deposited in the tax relief fund created pursuant to section 1 of this Act. For the purposes of this
Act, a voluntary retail licensee is any person licensed through the Streamlined Sales and Use Tax
Agreement to remit sales and use tax pursuant to chapters 10-45 and 10-46 who does not otherwise
have a legal obligation to remit such taxes.