2014 Senate Bill 176 - Senate State Affairs

State of South Dakota  
EIGHTY-NINTH SESSION
LEGISLATIVE ASSEMBLY, 2014  

645V0494   SENATE STATE AFFAIRS ENGROSSED    NO.  SB 176 -  02/19/2014  

Introduced by:    Senators Peters, Brown, Kirkeby, Rave, and Tidemann and Representatives Cronin, Carson, Gosch, Lust, Romkema, and Wink
 

        FOR AN ACT ENTITLED, An Act to revise certain provisions concerning the tax relief fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
    Section 1. That § 10-45C-15 be amended to read as follows:
    10-45C-15. The additional net revenue received by the state from voluntary retail licensees remote sellers shall be deposited in the tax relief fund created pursuant to § 10-45C-14. For the purposes of § 10-45C-14 and this section, a voluntary retail licensee remote seller 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 has voluntarily agreed to remit such taxes or is any person who the state through a federal act has been granted authority requiring the remote seller to remit such taxes.
    Section 2. That § 10-45C-15 be repealed on March 31, 2015.
    Section 3. That § 10-45C-14 be amended to read as follows:
    10-45C-14. There is hereby created in the state treasury the tax relief fund. The revenue collected pursuant to § 10-45C-15 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.

Click message to listen