An Act to provide for the reimbursement of lost revenue for businesses forcibly closed by a governmental entity.
Be it enacted by the Legislature of the State of South Dakota:
Section 1. That a NEW SECTION be added:
1-16G-90. State or political subdivision--Lost revenue reimbursement.
If the state or a political subdivision of the state passes or enacts a resolution or ordinance that orders temporary closure of a classification of business, the state or political subdivision that caused the closure shall reimburse any affected business for fifty percent of its projected lost revenue during the period of closure.
A business's projected lost revenue during the period of closure shall be based on three years of historical data from the business, the industry, and the market.
For the purposes of this section, a classification of business is more than one business registered with the secretary of state that shares the same two-digit code of the North American Industry Classification System.