South Dakota Codified Laws 10-4-9.1. Property owned by public charity and used for charitable purposes exempt
Property owned by a public charity and used for charitable purposes is exempt from taxation. A public charity is any organization or society which devotes its resources to the relief of the poor, distressed, or underprivileged. A public charity shall receive a majority of its revenue from donations, public funds, membership fees, or program fees generated solely to cover operating expenses; it shall lessen a governmental burden by providing its services to people who would otherwise use governmental services; it shall offer its services to people regardless of their ability to pay for such services; it shall be nonprofit and recognized as an exempt organization under section 501(c)(3) of the United States Internal Revenue Code, as defined by § 10-1-47; and it may not have any of its assets available to any private interest.
Terms Used In South Dakota Codified Laws 10-4-9.1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
Source: SL 1986, ch 83, § 2; SL 2009, ch 39, § 1; SL 2010, ch 45, § 1; SL 2011, ch 48, § 1; SL 2012, ch 59, § 1; SL 2013, ch 42, § 1; SL 2014, ch 54, § 1; SL 2015, ch 62, § 1; SL 2016, ch 54, § 2.