Section 10-43-5 - Income tax in lieu of other taxes

10-43-5. Income tax in lieu of other taxes.The tax referred to in this chapter is in lieu of all other taxes, state, county, and local, except taxes upon the institutions' real property, taxes upon the institutions' leased sites, taxes upon tangible personal property and products transferred electronically not normally used in extension of credit or acceptance of deposits and the retail sales tax or the use tax on tangible personal property and any product transferred electronically. However, tangible personal property and any product transferred electronically acquired by the financial institution through a foreclosure proceeding are exempt from such other taxes. Source: SL 1939, ch 263, §§8, 10; SL 1943, ch 300; SDC Supp 1960, §§57.30A08, 57.30A10; SL 1977, ch 96, §3; SL 1983, ch 356, §6; SL 2008, ch 37, §102; SL 2008, ch 51, §68; SL 2016, ch 62, §5.