South Dakota Codified Laws 49-37-14. Computation and payment of tax
For the purpose of determining the occupational excise tax levied by § 49-37-13:
(1) All property owned, leased, operated, or controlled by any district shall be assessed and the tax equivalent computed, collected, paid, and apportioned in the same manner and for the same purposes as may now or hereafter be provided by law for the assessment and taxation of similar property similarly used by a private electric public utility; and
Terms Used In South Dakota Codified Laws 49-37-14
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
(2) Each district shall comply in the same manner and for the same purposes as may now or hereafter be provided by law for the return, assessment, collection, payment, and apportionment of all occupational, privilege, excise, or special assessment taxes, or licenses, levied or imposed upon any person, partnership, limited liability company, association, or private corporation engaged in a similar business.
Source: SL 1950 (SS), ch 17, § 66; SDC Supp 1960, § 52.1765; SL 1994, ch 351, § 139.