The bill amends the existing law regarding the distribution of revenues from the precious metals severance tax in South Dakota. It specifies that all taxes, interest, and penalties collected by the secretary of revenue must be distributed according to the new provisions. For individuals severing precious metals who were in business prior to January 1, 1981, all revenues will be deposited into the state treasury and credited to the general fund. For those permitted after this date, eighty percent of the revenues will also go to the general fund, while the remaining twenty percent will be remitted to the county treasurer where the severance occurred.

Additionally, the bill introduces a threshold of three million dollars; once a county receives this amount from a specific taxpayer, all future revenues from that taxpayer will be directed to the general fund. The bill also clarifies that mergers or acquisitions of companies subject to this tax will not affect the revenue share due to the county. Furthermore, any revenues from severing precious metals on state-owned or controlled lands must be deposited into the common school permanent fund.

Statutes affected:
Introduced, 01/21/2025: 10-39-54