<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 50-11-35 - Application of original registration tax to leased aircraft. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2071405Normal { 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.s2071405SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2071405CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2071405Normal-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.s2071405DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2071405000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2071405SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2071405SCL-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="s2071405Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=50-11-35"><span class="s2071405SENU">50-11-35</span></a><span xml:space="preserve" class="s2071405SENU">. </span><span class="s2071405CL">Application of original registration tax to leased aircraft.</span></p><p dir="ltr" class="s2071405Normal-000000"><span xml:space="preserve" class="s2071405DefaultParagraphFont">For aircraft leased for thirty-six calendar months or less, the original registration tax of four percent, as required under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=50-11-19"><span class="s2071405DefaultParagraphFont">50-11-19</span></a><span xml:space="preserve" class="s2071405DefaultParagraphFont">, applies only to the scheduled lease payments, excluding fuel, routine maintenance, insurance, and crew, and shall be paid by the lessee at the time payments are made to the lessor. For aircraft leased for more than thirty-six calendar months, by multiple short-term agreements or a long-term agreement, the original registration tax under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=50-11-19"><span class="s2071405DefaultParagraphFont">50-11-19</span></a><span xml:space="preserve" class="s2071405DefaultParagraphFont"> shall be assessed on the market value of the aircraft at the time registration is due as stated in the aircraft bluebook and price digest. The original registration tax shall be paid by the owner of the aircraft. A copy of the lease agreement shall be provided to the department with the application for registration. If the lessee purchases the aircraft during the lease, any amount paid to the department for registration taxes under this chapter shall be credited to taxes required under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=50-11-19"><span class="s2071405DefaultParagraphFont">50-11-19</span></a><span xml:space="preserve" class="s2071405DefaultParagraphFont">. The annual registration fee required under §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=50-11-12"><span class="s2071405DefaultParagraphFont">50-11-12</span></a><span xml:space="preserve" class="s2071405DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=50-11-14"><span class="s2071405DefaultParagraphFont">50-11-14</span></a><span xml:space="preserve" class="s2071405DefaultParagraphFont"> applies for each aircraft under lease.</span></p><p dir="ltr" class="s2071405Normal"><span xml:space="preserve" class="s2071405000001"> </span></p><p dir="ltr" class="s2071405Normal"><span class="s2071405SCL">Source:</span><span xml:space="preserve" class="s2071405SCL-000002"> SL 1993, ch 348, § 14; SL 2019, ch 203, § 43.</span></p></div></body></html>