Each company required to pay a tax under this chapter is exempt from all other taxes, state and local, except taxes upon real property as may be owned by the company and the retail sales tax and the use tax on tangible personal property and any product transferred electronically. An insurance policy or annuity contract is considered intangible personal property for the purposes of this section.
S.D. Codified Laws § 10-44-8
Exemption of taxpayer from other taxes
Applied in 1 court decision — leading case In Re the State Sales & Use Tax Liability of Townley (1987)
Most recently applied in In Re the State Sales & Use Tax Liability of Townley (December 1987)
Source: SL 1951, ch 456, § 5; SDC Supp 1960, § 57.35A05; SL 1983, ch 356, § 7; SL 1992, ch 80, § 209; SL 2008, ch 51, § 69.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.