10-39-42. Definitions. Terms used in this chapter mean: (1)”Department,” the South Dakota Department of Revenue; (2)”Precious metals,” gold and silver; (3)”Secretary,” the secretary of the South Dakota Department of Revenue; (4)”Severing,” the mining, extracting, or producing of any precious metal. Source: SL 1981, ch 95, §1; SL 2003, ch 272 (Ex. Ord. 03-1), §82; SL […]
10-39-43. Severance tax on gold. For the privilege of severing precious metals in this state, there is imposed a severance tax of four dollars per ounce of gold severed in this state. Source: SL 1981, ch 95, §2; SL 1984, ch 78, §1; SL 1994, ch 89, §1.
10-39-44. Gross yield and gross production defined. In this chapter, gross yield means total receipts from the sale of precious metals severed in this state. Gross yield includes the amount received in money, credits, property, or other consideration from the sale of precious metals severed in this state without any deduction for the cost of […]
10-39-45. Finished value subject to tax–Allocation between processors. For the purposes of this chapter, the severing of precious metals and the further acts or processes necessary to separate, refine, or finish the product are construed to be a continuous and uninterrupted process, and the tax imposed by this chapter shall apply to the value of […]
10-39-45.1. Imposition of tax on net profit–Rate. In addition to any other tax imposed in chapter 10-39, there is imposed a tax of ten percent of the net profits from the sale of precious metals severed in this state. Source: SL 1984, ch 78, §2; SL 1994, ch 89, §3.
10-39-45.2. Deductions for determining net profit. Net profits shall be determined by subtracting from the gross yield, as defined by §10-39-44, the following deductions for costs paid or incurred during the period for which the tax is paid: (1)The cost of extracting the precious metals; (2)The cost of transporting the precious metals from the mines […]
10-39-45.3. Estimated tax–Filing–Payment. On or before the last day of January, April, July, and October, each person who mined or extracted precious metals during the previous calendar year shall file with the Department of Revenue a verified estimate of the person’s tax for the current year and pay one-fourth of the estimated taxes. Source: SL […]
10-39-45.4. Annual filing–Payment, refund, or application to next estimate. On or before the first day of June, each person subject to the tax imposed by this chapter shall file and pay the balance of any tax due from the previous calendar year. If the estimated tax payments made for the previous calendar year exceed the […]
10-39-45.5. Annual statement required–Form–Contents. Any person engaged in mining or extracting precious metals in the state shall annually on the first day of June file a statement with the secretary of revenue showing the gross yield, gross production, and net profits from precious metal mining or extraction for the previous calendar year. This statement shall […]
10-39-45.6. Delinquency. If the total tax due is paid on or before June first and if the quarterly estimates total more than eighty percent of the total tax, no delinquency exists. Source: SL 1984, ch 78, §7.
10-39-48. Failure to file statements as misdemeanor–Determination of tax. Every person severing precious metals in this state who fails to file the required statements with the Department of Revenue is guilty of a Class 1 misdemeanor. If any person fails to file required statements, the secretary of revenue may determine the value of the precious […]
10-39-49. Promulgation of rules. The secretary of revenue may, pursuant to chapter 1-26, promulgate rules concerning: (1)The procedures for filing a tax return and payment of the tax; (2)The definition of deductible costs; and (3)Determining the application of the tax and exemptions. Source: SL 1981, ch 95, §8; SL 1987, ch. 82, §16; SL 2003, […]
10-39-50. Access to taxpayer’s records–Violation as misdemeanor. Any person owning a precious metal mine or severing precious metals shall, on demand by the secretary of revenue, make available all books, records, inventories, correspondence, and memoranda relating to the severing of precious metals. Any person violating the provisions of this section is guilty of a Class […]
10-39-51. Payment under protest–Action for recovery–Repayment–Restraining collection prohibited. A taxpayer who is required by the secretary of revenue to pay a tax that the taxpayer deems improper or unlawful in amount may pay the tax under protest and may recover the tax without interest, if an action is commenced in the circuit court against the […]
10-39-52. False statement as felony–Forfeiture. A person who intentionally makes or files, under oath, a statement required by this chapter which is false, is guilty of a Class 6 felony. The market value of all precious metals on which the person makes a false statement shall be forfeited to the State of South Dakota. Source: […]
10-39-53. Exemption of persons severing small amounts. Each person severing precious metals shall be given an exemption from the taxes imposed by this chapter for the first twenty ounces of precious metals severed each year. Source: SL 1981, ch 95, §12; SL 1984, ch 78, §8.
10-39-54. Distribution of proceeds. All taxes, interest and penalties imposed and collected by the secretary of revenue under this chapter shall be distributed as follows: (1)For persons severing precious metals that were in business in the state prior to January 1, 1981, all revenues collected shall be deposited in the state treasury and credited to […]
10-39-54.1. Transfer of revenue payable to county. The secretary of revenue shall transfer by the end of the calendar month next succeeding each reporting period the revenue payable to a county pursuant to subdivision §10-39-54(2). Source: SL 1988, ch 101, §2; SL 2003, ch 272 (Ex. Ord. 03-1), §82; SL 2011, ch 1 (Ex. Ord. […]
10-39-54.2. Impact and economic diversification trust fund–Deposit of county funds therein–Threshold level for allocations. Upon receipt of any funds paid to a county under the provisions of §§10-39-54 to 10-39-54.4, inclusive, the county treasurer shall deposit the funds in a trust account to be known as the impact and economic diversification trust fund. No allocation […]
10-39-54.3. Allocation of funds by county–Purposes. The county auditor shall, at the direction of the board of county commissioners, allocate funds received by the county pursuant to §§10-39-54 to 10-39-54.4, inclusive, to be distributed by the county treasurer for the following purposes in the indicated amounts: (1)On a yearly basis, the board of county commissioners […]
