South Dakota currently taxes gold mining at a flat rate of four dollars per ounce, but this bill changes it to a percentage-based tax of one percent of the gold's market value instead. The new tax will be calculated based on the average London Bullion Market Association price of gold during the quarter when the gold was extracted. This shift means mining companies will pay taxes proportional to gold prices rather than a fixed amount per ounce.
Taxation Deferred to the 41st legislative day Passed, YEAS 7, NAYS 0. S.J. 3
Taxation Scheduled for hearing S.J. 1
Taxation Motion to amend S.J. 1
Taxation Motion to amend S.J. 1
Taxation Scheduled for hearing
First read in Senate and referred to Senate Taxation S.J. 17
Prime sponsor · Sen.
R
Prime sponsor · Rep.
D
Taxation — Deferred to the 41st legislative day