S.D. Codified Laws § 42-7B-28.2

Current through the 2024 Legislative Session

Section 42-7B-28.2 - Calculation of adjusted gross proceeds

When calculating adjusted gross proceeds for the purpose of applying the tax imposed by §§ 42-7B-28 and 42-7B-28.1:

(1) Free play value provided by the operator is not included in the gross proceeds;

(2) Cash prizes deducted are adjusted to not include an amount equal to ninety percent of the free play value provided by the operator; and

(3) The federal excise tax on sports wagers imposed by 26 U.S.C. § 4401 (1982) is a deduction from the adjusted gross proceeds.

SDCL 42-7B-28.2

SL 2015, ch 219, § 1; SL 2022, ch 162, §1.

Amended by S.L. 2022, ch. 162,s. 1, eff. 7/1/2022.

Added by S.L. 2015, ch. 219,s. 1, eff. 7/1/2015.