64:06:01:17.  Federal corporations, sales to. Federal land banks, federal deposit insurance corporations, commodity credit corporations, federal farm mortgage corporations, reconstruction finance corporations, American National Red Cross, and federal credit unions are exempt from sales or use tax on purchases.

          This exemption does not extend to sales to or purchases of tangible personal property or any product transferred electronically for the personal use of officials, members, or employees of such institutions or to sales to or purchases of tangible personal property used in the operation of a taxable retail business.

          Source: SL 1975, ch 16, § 1; 8 SDR 81, effective January 10, 1982; 13 SDR 129, 13 SDR 134, effective July 1, 1987; 21 SDR 219, effective July 1, 1995; 35 SDR 48, effective September 8, 2008.

          General Authority: SDCL 10-45-47.1.

          Law Implemented: SDCL 10-45-10.