South Dakota Codified Laws 10-46E-1. Gross receipts tax imposed–Farm machinery, attachment units, and irrigation equipment–Sale, resale, or lease–Rate–Trade-ins
Current as of: 2023 | Check for updates
|
Other versions
There is hereby imposed an excise tax of four and two-tenths percent on the gross receipts from the sale, resale, or lease of farm machinery, attachment units, and irrigation equipment used exclusively for agricultural purposes. However, if any trade-in or exchange of used farm machinery, attachment units, and irrigation equipment is involved in the transaction, the excise tax is only due and may only be collected on the cash difference.
Terms Used In South Dakota Codified Laws 10-46E-1
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Source: SL 2006, ch 58, § 1, eff. Apr. 1, 2006; SL 2016, ch 65, § 15, eff. June 1, 2016; SL 2023, ch 32, § 15.