An Act to authorize certain municipalities to offer limited incentives for industrial development.

Be it enacted by the Legislature of the State of South Dakota:

Section 1. That a NEW SECTION be added:

9-12-21. Rebate of municipal property taxes to further industry development goals

Any second- or third-class municipality may rebate the municipal property taxes paid by any industry that furthers the municipality's industrial development goals. Any such municipality shall, by ordinance, develop a program that provides for the type of industry that qualifies for the rebate, the length of time the rebate may apply, and the criteria the industry shall meet in order to qualify for the rebate.