<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><title></title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.sbd1f7b61-6133-4612-8814-13dcea4b4e9fP0 { margin-top: 0; margin-bottom: 0; margin-left: 0; margin-right: 0; text-indent: 0.00in; text-align: justify; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; } span.sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0-000000 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0-000001 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sbd1f7b61-6133-4612-8814-13dcea4b4e9f000002 { color: black; background: white; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0-000003 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fP0"><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">    </span><a href="https://sdlegislature.gov/Rules?Rule=67:12:05:01"><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0-000000">67:12:05:01</span></a><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0-000001">.  Definitions.</span><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0"> Terms used in this chapter mean:</span></p><p dir="ltr" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fP0"><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9f000002"> </span></p><p dir="ltr" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fP0"><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">    (1)  "Earned income," income in cash or in kind, before </span><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">income taxes, social security taxes, insurance premiums, or savings bond </span><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">deductions, earned by an applicant or recipient through the receipt of wages, salary, commissions, or fees</span><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">.</span><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0"> </span><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">F</span><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">or a self-employed individual, </span><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">it is the</span><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0"> income remaining after deducting the business expenses allowed in § </span><a href="https://sdlegislature.gov/Rules?Rule=67:12:05:12"><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0-000003">67:12:05:12</span></a><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">;</span></p><p dir="ltr" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fP0"><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9f000002"> </span></p><p dir="ltr" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fP0"><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">    (2)  "Encumbrance," a claim, lien, charge, legal debt, chattel mortgage, or liability of record attached to and binding real property, personal property, or real and personal property;</span></p><p dir="ltr" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fP0"><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9f000002"> </span></p><p dir="ltr" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fP0"><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">    (3)  "Equity value," the current fair market value minus encumbrances of record as of the date of evaluation;</span></p><p dir="ltr" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fP0"><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9f000002"> </span></p><p dir="ltr" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fP0"><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">    (4)  "Fair market value," the price an item of a particular make, model, size, material, or condition </span><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">is likely to</span><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0"> sell for on the open market in the geographic area involved;</span></p><p dir="ltr" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fP0"><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9f000002"> </span></p><p dir="ltr" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fP0"><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">    (5)  "Liquid assets," cash on hand, plus tangible or intangible personal property </span><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">that may</span><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0"> be readily converted into cash within </span><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">thirty</span><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0"> days;</span><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0"> and</span></p><p dir="ltr" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fP0"><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9f000002"> </span></p><p dir="ltr" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fP0"><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">    (6)  "Personal property," as defined in SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=43-1-2"><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0-000003">43-1-2</span></a><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0"> and </span><a href="https://sdlegislature.gov/Statutes?Statute=43-1-3"><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0-000003">43-1-3</span></a><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">.</span></p><p dir="ltr" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fP0"><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9f000002"> </span></p><p dir="ltr" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fP0"><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">    </span><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0-000001">Source:</span><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0"> SL 1975, ch 16, § 1; 7 SDR 66, 7 SDR 89, effective July 1, 1981; 8 SDR 82, effective January 13, 1982; 8 SDR 95, effective February 18, 1982; 9 SDR 46, effective October 1, 1982</span><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">; 52 SDR 55, effective December 12, 2025</span><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">.</span></p><p dir="ltr" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fP0"><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">    </span><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0-000001">General Authority:</span><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=28-6-1"><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0-000003">28-</span><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0-000003">6-1</span></a><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">.</span></p><p dir="ltr" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fP0"><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">    </span><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0-000001">Law Implemented:</span><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=28-6-1"><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0-000003">28-</span><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0-000003">6-1</span></a><span class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fC0">.</span></p><p dir="ltr" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9fP0"><span xml:space="preserve" class="sbd1f7b61-6133-4612-8814-13dcea4b4e9f000002"> </span></p></div></body></html>