64:07:01:08.  "Sweat equity." Persons receiving consideration in exchange for labor under a "sweat equity" contract are contractors making realty improvements. The value of the consideration is subject to the contractors' excise tax unless the person performing the "sweat equity" labor receives an exemption certificate from a prime contractor.

          Source: 6 SDR 44, effective November 8, 1979; 13 SDR 129, 13 SDR 134, effective July 1, 1987; 21 SDR 219, effective July 1, 1995.

          General Authority:SDCL 10-46A-19.

          Law Implemented:SDCL 10-46A-1, 10-46A-2.1.