CHAPTER 61

(SB 38)

Tax refund program definition
for expansion of an existing building revised.

         ENTITLED, An Act to  define expansion of an existing building or structure for purposes of the tax refund program for the construction of agricultural processing and new business facilities.

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

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

     For the purposes of this chapter, to qualify for the refund, the expansion of an existing building or structure shall meet the following criteria:

             (1)    The expansion shall significantly increase the floor space of an existing building or an existing structure; and

             (2)    The expansion shall consist of a single project rather than an ongoing, systematic process of upgrading, retooling, or modernizing the existing building or structure.

     Signed February 21, 2007

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