10-28-21.5. Notification of completion of capital project--Inspection and audit--Eligibility for credit--Administrative hearing.
The railroad shall annually notify the Department of Transportation of completion of any capital project. However, if the cost of the capital project exceeds three hundred thousand dollars, the railroad shall notify the department immediately upon completion. The department may conduct a verification inspection of capital improvement project completion and may audit the capital improvement project according to South Dakota Department of Transportation Audit guidelines and the Federal-Aid Policy Guide 23 CFR Chapter 1, Subchapter B, Part 140, Subpart 1, as amended through January 1, 2014, to determine project value. The department shall report its findings to each county where the railroad has requested a tax credit. Only those capital expenses that have been claimed on the railroad's certification and verified by the department are eligible for a credit pursuant to §10-28-21.2. Any railroad aggrieved by the decision of the department concerning the eligibility of a claimed capital expenditure for the tax credit authorized by §10-28-21.2 is entitled to an administrative hearing conducted in accordance with the provisions of chapter 1-26.
Source: SL 2004, ch 88, §4; SL 2014, ch 58, §4.
Structure South Dakota Codified Laws
Chapter 28 - Taxation Of Railroad Operating Property
Section 10-28-1 - Secretary to assess operating property.
Section 10-28-2 - Assets included in operating property.
Section 10-28-3 - Annual statement required of railroad company--Date of filing--Contents.
Section 10-28-4 - Annual statement of railroad property occupied by warehousemen and others.
Section 10-28-5 - Addition to assessment value on failure of railroad to make statements.
Section 10-28-6 - Annual list of warehousemen and other occupants of railroad property--Contents.
Section 10-28-8 - Capital stock and other property included--Nonoperating property excepted.
Section 10-28-9 - Allocation of valuation for railroad operating partly without state.
Section 10-28-10 - Local assessment of nonoperating property permitted.
Section 10-28-11 - Nonoperating property defined--Rules.
Section 10-28-12 - Unit valuation of railroad operating property.
Section 10-28-14 - Department of Transportation to assist in valuation.
Section 10-28-15 - Notice to railroad of assessment--Hearing--Notice of equalized assessment.
Section 10-28-16 - Notice to county auditors of railroad mileage and assessments--Distribution.
Section 10-28-20 - Notice to county auditor of deeds to railroads--Entry on railroad map.
Section 10-28-21.3 - Expenses of a capital nature defined.
Section 10-28-21.4 - Capital improvement plan required to claim tax credit.
Section 10-28-21.6 - Promulgation of rules on capital expense tax credits.
Section 10-28-23 - Collection of delinquent railroad taxes.
Section 10-28-24 - Exemption of railroad companies operating over state-owned rail lines.
Section 10-28-25 - Promulgation of rules concerning leased property.