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HB 1060 - Wind Energy Facility Tax Refunds - South Dakota Key Vote

Stage Details

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Title: Wind Energy Facility Tax Refunds

Vote Smart's Synopsis:

Vote to override a veto of a bill that establishes tax refunds for wind energy facilities that cost $10 million or more and have a construction date on or after January 1, 2010.

Highlights:

-Establishes the following tax refunds for wind energy facilities (Sec. 2):

    -45 percent of taxes paid for projects that cost more than $10 million but less than $40 million; and -55 percent of taxes paid for projects that cost $40 million or more.

NOTE: A TWO-THIRDS MAJORITY OF MEMBERS ELECTED IS REQUIRED TO OVERRIDE A GOVERNOR'S VETO.

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Title: Agriculture and Business Facility Tax Refund Reductions

Vote Smart's Synopsis:

Vote to pass a bill that reduces tax refunds for new agricultural processing and business facilities.

Highlights:

-Reduces the amount of refunds for new business facilities as follows (Secs. 6 and 7):

    -Existing law:
      -For project costs of less than $10 million, there shall be no refund; -For project costs of $10 million or more, but less than $15 million, the refund shall be 25 percent of taxes paid; -For project costs of $15 million or more, but less than $20 million, the refund shall be 33 percent of taxes paid; -For project costs of $20 million or more, but less than $40 million, the refund shall be 50 percent of taxes paid; -For project costs of $40 million or more, but less than $60 million, the refund shall be 67 percent of taxes paid; -For project costs of $60 million or more, but less than $600 million, the refund shall be 75 percent of taxes paid; and -For project costs of $600 million or more, the refund shall be 90 percent of taxes paid;
    -New law:
      -For project costs of less than $25 million, there shall be no refund; -For project costs of $25 million or more, but less than $250 million, the refund shall be 50 percent of taxes paid; and -For project costs of $250 million or more dollars, there shall be no refund.
-Reduces the amount of refunds for new agricultural processing facilities as follows (Secs. 2, 5, and 7):
    -Existing law:
      -If the project costs do not exceed $4.5 million, there shall be no refund; -If the project costs exceed $4.5 million, the refund shall be 100 percent of taxes attributed to the project costs;
    -New law:
      -For project costs of less than $25 million, there shall be no refund; -For project costs of $25 million or more, but less than $250 million, the refund shall be 50 percent of taxes paid; and -For project costs of $250 million or more dollars, there shall be no refund.
-This bill was sponsored by the House Committee on Appropriations by request of the Department of Revenue and Regulation.

Title: Agriculture and Business Facility Tax Refund Reductions

Committee Sponsors

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