<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 10-46A-5.1 - Tax imposed on improvements built for lease--Credit against tax on sale--Due date--Exemptions. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2039079Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2039079SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2039079CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2039079Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2039079DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2039079000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2039079SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2039079SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2039079Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=10-46A-5.1"><span class="s2039079SENU">10-46A-5.1</span></a><span xml:space="preserve" class="s2039079SENU">. </span><span class="s2039079CL">Tax imposed on improvements built for lease--Credit against tax on sale--Due date--Exemptions.</span></p><p dir="ltr" class="s2039079Normal-000000"><span xml:space="preserve" class="s2039079DefaultParagraphFont">There is imposed a tax at the rate provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=10-46A-1"><span class="s2039079DefaultParagraphFont">10-46A-1</span></a><span xml:space="preserve" class="s2039079DefaultParagraphFont">, on the fair market value of the improvement upon any person who builds a building for lease to himself or others, with a value of over one hundred thousand dollars. If the realty improvement becomes subject to tax under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=10-46A-5"><span class="s2039079DefaultParagraphFont">10-46A-5</span></a><span class="s2039079DefaultParagraphFont">, credit for tax due under that section is given for any tax paid under this section. The tax imposed by this section is due the next reporting date after the improvement is used or leased. The tax imposed by this section does not apply to the United States, the State of South Dakota and its subdivisions, or public or municipal corporation in the State of South Dakota. This section applies only to buildings substantially completed after April 30, 1984.</span></p><p dir="ltr" class="s2039079Normal"><span xml:space="preserve" class="s2039079000001"> </span></p><p dir="ltr" class="s2039079Normal"><span class="s2039079SCL">Source:</span><span xml:space="preserve" class="s2039079SCL-000002"> SL 1984, ch 92, § 8.</span></p></div></body></html>