10-46E-3. Tax imposed on use, storage, and consumption of farm machinery, attachment units, and irrigation equipment not originally purchased for in-state use--Rate--Trade-ins--Exemption.
An excise tax is imposed at the same rate as imposed by §10-46E-1 on the privilege of the use, storage, or consumption in this state of farm machinery, attachment units, and irrigation equipment used exclusively for agricultural purposes not originally purchased for use in this state, but thereafter used, stored, or consumed in this state, at the same rate as provided in §10-46E-1 and imposed on the fair market value of the property at the time it is brought into this state. However, if any trade-in or exchange of used farm machinery, attachment units, and irrigation equipment is involved in the transaction, the excise tax is only due and may only be collected on the cash difference. The use, storage, or consumption of farm machinery, attachment units, and irrigation equipment used exclusively for agricultural purposes that is more than seven years old at the time it is brought into the state by the person who purchased such property for use in another state is exempt from the tax imposed by this chapter.
Source: SL 2006, ch 58, §3.
Structure South Dakota Codified Laws
Chapter 46E - Excise Tax On Farm Machinery, Farm Attachment Units,
Section 10-46E-4 - Farm machinery defined.
Section 10-46E-6 - Tax collection and administration.
Section 10-46E-7 - Filing of returns and payment of tax due.
Section 10-46E-8 - Application of chapters 10-45 and 10-46.
Section 10-46E-9 - Revenue deposited in general fund.
Section 10-46E-10 - Rental of fertilizer and pesticide devices exempt--Conditions.
Section 10-46E-11 - Promulgation of rules.