(Senate Bill 98)
An Act to add an exemption from the calculation of adjusted gross proceeds from gaming.
Be it enacted by the Legislature of the State of South Dakota:
Section 1. That § 42-7B-28.2 be AMENDED:
42-7B-28.2. When calculating adjusted gross proceeds for the purpose of applying the tax imposed by §§ 42-7B-28 and 42-7B-28.1:
(1) Free play value provided by
included in the gross proceeds;
(2) Cash prizes deducted
are adjusted to
not include an amount equal to ninety percent of the free play value
provided by the operator .;
(3) The federal excise tax on sports wagers imposed by 26 U.S.C. § 4401 (1982) is a deduction from the adjusted gross proceeds.
Signed March 18, 2022
Catchlines are not law. (§ 2-16-13.1) Underscores indicate new language.
indicate deleted language.