S.D. Admin. R. 12:21:01:01

Current through Register Vol. 51, page 67, December 16, 2024

Section 12:21:01:01 - Definitions

Terms defined in SDCL 1-16E-3 have the same meaning when used in this article. In addition, terms used in this article mean:

(1) "Agricultural improvements," any improvements, buildings, structures, or fixtures suitable for use in farming which are located on agricultural land, including the single-family dwelling located on agricultural land that is or will be occupied by the beginning farmer and any structure attached to or incidental to the use of the building;

(2) "Agricultural land," land that is suitable for use in farming and is or will be operated as a farm;

(3) "Bond purchaser," any individual, corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity, other than a participating lender, that purchases an authority bond under the beginning farmer bond program in connection with a contract sale or loan to the beginning farmer;

(4) "Depreciable agricultural property," personal property suitable for use in farming for which an income tax deduction for depreciation or cost recovery is allowable in computing federal income tax under § 144(11)(B) of the Internal Revenue Code as amended to July 1, 2008, and which is qualified for financing with tax-exempt bonds pursuant to § 144 of the Internal Revenue Code as amended to July 1, 2008;

(5) "Eligible applicant," an individual who is a first-time farmer, as defined in § 147(c) of the Internal Revenue Code as amended to July 1, 2008, who satisfies all of the criteria contained in SDCL 1-16E-3(2A) and this article relating to recipient eligibility, and who operates or will operate a farm;

(6) "Executive director, the executive director of the Value Added Finance Authority;

(7) "Farm," a farming enterprise which is recognized in the community as a farm rather than a rural residence;

(8) "Net worth," total assets minus total liabilities as determined in accordance with generally accepted accounting principles with exceptions and exemptions reasonably related to an equitable determination of the beginning farmer's net worth;

(9) "Participating lender," any lender, as defined in SDCL 1-16E-3, that purchases an authority bond under the beginning farmer bond program;

(10) "Program," the beginning farmer bond program;

(11) "Project," a description of the intended use of the loan proceeds;

(12) "Qualified purposes," agricultural land and depreciable agricultural property.

S.D. Admin. R. 12:21:01:01

22 SDR 97, effective 1/22/1996; 23 SDR 91, effective 12/9/1996; 35 SDR 67, effective 9/30/2008.

Editor's Note: Section 20:37:11:08 was repealed by SL 2002, ch 179, §1, effective August 14, 2002.

General Authority: SDCL 1-16E-24.

Law Implemented: SDCL 1-16E-24.

Accounting principles, § 20:37:11:08.