10-39-54. Distribution of proceeds.
221 words·~1 min read·
/sd/title-10/chapter-10-39/10-39-54·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
All taxes, interest and penalties imposed and collected by the secretary of revenue under this chapter shall be distributed as follows:
(1)For persons severing precious metals that were in business in the state prior to January 1, 1981, all revenues collected shall be deposited in the state treasury and credited to the general fund;
(2)For persons permitted on or after January 1, 1981, for the purpose of severing precious metals, eighty percent of the revenues collected shall be deposited in the state treasury and credited to the general fund, while the remaining twenty percent shall be remitted by the secretary of revenue to the treasurer of the county in which the precious metals were severed. When the county has received a total of one million dollars attributable to any person subject to the tax, all future revenues attributable to that person shall be deposited in the state treasury and credited to the general fund. No merger, consolidation or acquisition of a person subject to §§ 10-39-54 to 10-39-54.4 , inclusive, by another such person shall limit the share of revenue due to the county from the person so acquired.
However, any revenues attributed to the severance of precious metals from lands owned or controlled by the State of South Dakota shall be deposited in the common school permanent fund.