Bill > HB1089

This bill modifies how revenue from severance taxes on new permits for mining precious metals is distributed in South Dakota. Specifically, it changes the law to ensure that for individuals or companies permitted to mine precious metals *after* July 1, 2026, 80% of the collected tax revenue will go to the state's general fund, while the remaining 20% will be sent to the county where the precious metals were mined. This county distribution continues until the county receives a total of one million dollars from that specific miner, after which all revenue from that miner will go to the state's general fund. The bill also clarifies that mergers or acquisitions of mining companies do not affect the county's right to receive its share of revenue. Additionally, it updates the language to refer to the "secretary of the department" instead of the "secretary of revenue" and adjusts the timing for transferring county revenue.

Budget and Finance

https://sdlegislature.gov/#/Session/Bill/26874