S.D. Admin. R. 68:02:10:01

Current through Register Vol. 51, page 56, November 4, 2024

Section 68:02:10:01 - Definitions

Terms used in this chapter mean:

(1) "Applicant," any person that has completed a REDI fund grant application;

(2) "Board," the Board of Economic Development;

(3) "Commissioner," the commissioner of the Governor's Office of Economic Development;

(4) "Completed the project" or "completion of the project," the first date when the project is operational;

(5) "Construction date," the first date earth is excavated or a contractor has initiated work for the purpose of constructing a new or expanded facility or the first date new equipment is located on the project site or existing equipment is removed from the project site for the purpose of equipment upgrades, whichever occurs first;

(6) "Equipment upgrades," the installation of new equipment or the replacement or improvement of existing equipment, which is subject to the sales use tax imposed by chapters 10-45 or 10-46 or contractor's excise tax imposed by SDCL chapter 10-46 A or 10-46 B;

(7) "GOED," the Governor's Office of Economic Development;

(8) "New or expanded facility," a new building or structure, or the expansion, renovation, or retrofitting of an existing building or structure, which is subject to the contractor's excise tax imposed by SDCL chapter 10-46A or 10-46B;

(9) "Person," any individual, firm, copartnership, joint venture, association, cooperative, nonprofit development corporation, limited liability company, limited liability partnership, corporation, estate, trust, business trust, receiver, or any group or combination acting as a unit;

(10) "Project," a new or expanded facility with a project cost which is less than twenty million dollars, or equipment upgrades with a project cost which is less than two million dollars. A project includes laboratory and testing facilities, manufacturing facilities, data centers, power generation facilities, power transmission facilities, agricultural processing facilities, wind energy facilities, and facilities defined by GOED as targeted industries. A project does not include a building or structure:

(a) Used predominantly for the sale of products at retail, other than the sale of electricity at retail, to individual consumers;

(b) Used predominantly for residential housing or transient lodging;

(c) Used predominantly to provide health care services;

(d) Used predominantly for the transportation or transmission of natural gas, oil, or crude oil by means of a pipeline; or

(e) That is not subject to ad valorem real property taxation or equivalent taxes measured by gross receipts;

(11) "Project cost," the amount paid by the project owner in money, credits, property, or other consideration associated with a project, including without limitation, land, labor, material, furniture, equipment, fees, or fixtures;

(12) "REDI fund," the Revolving Economic Development and Initiative Fund created pursuant to SDCL 1-16G-3;

(13) "South Dakota Jobs subfund," that portion of the REDI fund funded pursuant to SDCL 1-16G-48(5); and

(14) "South Dakota Jobs grant," a grant disbursed from the South Dakota Jobs subfund in accordance with this chapter.

S.D. Admin. R. 68:02:10:01

39 SDR 221, effective 7/1/2013.

General Authority: SDCL 1-16G-8.

Law Implemented: SDCL 1-16G-5, 1-16G-8, 1-16G-48(5).