Bill > SB7

This bill modifies the existing tax rate on gold severed (extracted) in South Dakota by changing how the tax is calculated. Previously, the tax was a flat rate of four dollars per ounce of gold, but the new bill replaces this with a one percent tax based on the market value of the gold. The bill defines "market value" specifically as the average London Bullion Market Association (LBMA) price of gold over the calendar quarter in which the gold was extracted. This means that instead of paying a fixed $4 per ounce, companies extracting gold in South Dakota will now pay a tax amount that fluctuates with the current market price of gold, potentially making the tax more responsive to market conditions and potentially generating more or less revenue depending on gold prices at the time of extraction.

Budget and Finance

https://sdlegislature.gov/#/Session/Bill/26374