South Dakota Codified Laws 32-5-128. Exemption from excise tax for motor vehicles leased to tax exempt entities
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Any motor vehicle purchased by a lessor that is to be leased for more than twenty–eight days by an entity exempted in §§ 32-5-42 and 32-5-42.1 is exempt from the excise tax levied by §§ 32-5B-1 and 32-5B-1.1. If the lease is terminated and the motor vehicle is subsequently leased to a nonexempt entity, tax shall be assessed unless otherwise exempted.
Terms Used In South Dakota Codified Laws 32-5-128
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Source: SL 1994, ch 243.