South Dakota Codified Laws 10-39-56. Tax on owners of royalty or working interests–Withholding and remittance–Exemptions
Current as of: 2023 | Check for updates
|
Other versions
The owner of a royalty interest, of an overriding royalty or of profits or working interest shall pay a tax equal to eight percent of the value received for the right to sever precious metals. The person severing precious metals shall withhold the tax from the distributions made to the owner of interest. The person severing precious metals shall remit the tax with his quarterly remittance following the distribution. The provisions of this section do not apply to royalty interests owned by the federal government, state government, or a local government.
Terms Used In South Dakota Codified Laws 10-39-56
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SL 1984, ch 78, § 10.