ENTITLED, An Act to
exempt the sale of coins, currency, and bullion from sales and use taxes.
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 specifically exempted from the provisions of this chapter and from the
computation of the amount of tax imposed by it, gross receipts from the sale of coins, currency,
or bullion. For the purposes of this section, the term, bullion, means any bar, ingot, or
commemorative medallion of gold, silver, platinum, palladium, or a combination of these metals
where the value of the metal depends on its content and not the form. For the purposes of this
section, the terms, coins and currency, mean any coins or currency made of gold, silver, or other
metal or paper which is or has been used as legal tender.
Section
2.
That chapter
10-46
be amended by adding thereto a NEW SECTION to read as
follows:
There are hereby specifically exempted from the provisions of this chapter and from the
computation of the amount of tax imposed by it, gross receipts from the sale of coins, currency,
or bullion. For the purposes of this section, the term, bullion, means any bar, ingot, or
commemorative medallion of gold, silver, platinum, palladium, or a combination of these metals
where the value of the metal depends on its content and not the form. For the purposes of this
section, the terms, coins and currency, mean any coins or currency made of gold, silver, or other
metal or paper which is or has been used as legal tender.