AN ACT
ENTITLED, An Act to revise certain provisions regarding the exemption of certain boats from the
excise tax on large boats.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 32-3A-52 be amended to read:
32-3A-52. Exempt from the provisions of § 32-3A-50 are:
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 32-3A-52 be amended to read:
32-3A-52. Exempt from the provisions of § 32-3A-50 are:
(1) Any large boat which is the property of the governmental units which are exempted from
motor vehicle registration fees by §§ 32-5-42 and 32-5-42.1;
(2) Any large boat acquired by inheritance or bequest;
(3) Any large boat previously titled or licensed jointly in the names of two or more persons
and subsequently transferred without consideration to one or more of such persons;
(4) Any large boat transferred without consideration between spouses, between a parent and
child, and between siblings;
(5) Any large boat transferred pursuant to any mergers or consolidations of corporations or
limited liability companies, or plans of reorganization by which substantially all of the
assets of a corporation or limited liability company are transferred if the large boat was
previously titled, licensed, and registered in this state;
(6) Any large boat transferred by a subsidiary corporation or limited liability company to its
parent corporation or limited liability company for no or nominal consideration or in sole
consideration of the cancellation or surrender of the subsidiary's stock if the large boat
was previously titled, licensed, and registered in this state;
(7) Any large boat transferred between an individual and a corporation if the individual and
the owner of the majority of the capital stock of the corporation are one and the same, or
any large boat transferred between an individual and a limited liability company if the
individual and the majority member of the limited liability company are one and the same,
and if the large boat was previously titled and registered in this state;
(8) Any large boat transferred between a corporation or limited liability company and its
stockholders, members, or creditors if to effectuate a dissolution of the corporation or
limited liability company it is necessary to transfer the title from the corporate entity or
limited liability company to the stockholders, members, or creditors and if the large boat
was previously titled and registered in this state;
(9) Any large boat transferred between an individual and limited or general partnership if the
individual and the owner of the majority interest in the partnership are one and the same
person and if the large boat was previously titled and registered in this state;
(10) Any large boat transferred to effect a sale of all or substantially all of the assets of the
business entity if the large boat was previously titled and registered in this state;
(11) Any large boat acquired by a secured party or lien holder in satisfaction of a debt;
(12) Any large boat sold or transferred which is eleven or more years old and which is sold or
transferred for two thousand five hundred dollars or less before trade-in;
(13) Any damaged large boat transferred to an insurance company in the settlement of an
insurance claim;
(14) Any large boat owned by a former resident of this state who returns to the state and who
had previously paid excise tax to this state on the large boat as evidenced within the
department's records or by submission of other acceptable proof of payment of such tax;
(15) Any large boat transferred between corporations, both subsidiary and nonsubsidiary, if the
individuals who hold a majority of stock in the first corporation also hold a majority of
stock in the second corporation; but these individuals need not hold the same ratio of
stock in both corporations and if the large boat was previously titled and registered in this
state;
(16) Any large boat transferred between limited liability companies, both subsidiary and
nonsubsidiary, if the individuals who hold a majority interest in the first limited liability
company also hold a majority interest in the second limited liability company and if the
large boat was previously titled, licensed, and registered in this state; and
(17) Any large boat transferred by a trustor to a trustee or from a trustee to a beneficiary of a
trust.
An Act to revise certain provisions regarding the exemption of certain boats from the excise tax on large boats.
An Act to revise certain provisions regarding the exemption of certain boats from the excise tax on large boats.
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I certify that the attached Act originated in the
HOUSE as Bill No. 1179
____________________________
Chief Clerk ____________________________
Speaker of the House
Attest:
____________________________
Chief Clerk
____________________________
Attest:
____________________________
Secretary of the Senate
House Bill No. 1179 File No. ____ Chapter No. ______ |
Received at this Executive Office this _____ day of _____________ ,
20____ at ____________ M.
By _________________________
for the Governor
The attached Act is hereby
approved this ________ day of
______________ , A.D., 20___
____________________________
Governor STATE OF SOUTH DAKOTA, ss.
Office of the Secretary of State
Filed ____________ , 20___
____________________________ Secretary of State
By _________________________ |
