An Act to include lithium in the definition of precious metal for purposes of the minerals severance tax, and to set the tax rate for lithium severed in this state.
Be it enacted by the Legislature of the State of South Dakota:
Section 1. That 10-39-42 be AMENDED:
10-39-42. Terms used in this chapter mean:
(1) "Department," the South Dakota Department of Revenue;
(2) "Precious metals,"
gold,
and
silver,
and lithium;
(3) "Secretary," the
secretary of the South
Dakota Department of Revenue
department;
and
(4) "Severing," the mining, extracting, or producing of any precious metal.
Section 2. That 10-39-45.1 be AMENDED:
10-39-45.1.
In addition to any
other tax imposed in chapter 10-39,
there is imposed a tax of ten percent of the net profits from the
sale of
precious metals
gold and silver
severed in this state.
In addition to any other tax imposed in chapter 10-39, there is imposed a tax of five percent of the net profits from the sale of lithium severed in this state.