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State of South Dakota
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SEVENTY-SEVENTH
SESSION
LEGISLATIVE ASSEMBLY, 2002 |
| 400H0341 |
SENATE BILL
NO.
34
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Introduced by:
The Committee on Taxation at the request of the Department of Revenue
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FOR AN ACT ENTITLED, An Act to
remove the exemption for certain tax liability on bonds
issued by the Agriculture and Business Development Authority.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 1-16E-22 be amended to read as follows:
1-16E-22. The exercise of the powers granted by this chapter
will
shall
be in all respects for
the benefit of the people of the state
, and the
. The
authority is not required to pay any tax or
assessment on any property owned by the authority under the provisions of this chapter or upon
the income therefrom; nor is the authority required to pay any transfer tax of any kind on account
of instruments recorded by it or on its behalf.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 1-16E-22 be amended to read as follows:
1-16E-22. The exercise of the powers granted by this chapter
Any obligations issued by the authority pursuant to this chapter, their transfer, and the
income therefrom (including any profit made on the sale thereof), shall at all times be free from
taxation by the state or any local unit or political subdivision or other instrumentality of the state.
350 copies of this document were printed by the South Dakota
Legislative Research Council at a cost of $.027 per page. . Insertions into existing statutes are indicated by underscores.
Deletions from existing statutes are indicated byoverstrikes.
Legislative Research Council at a cost of $.027 per page. . Insertions into existing statutes are indicated by underscores.
Deletions from existing statutes are indicated by
