10-46A-1.3. Tax measured by gross receipts upon accrual basis.The secretary of revenue shall allow contractors to report and pay contractor's excise tax measured by gross receipts upon an accrual basis if:(1)The contractor has not changed his basis in the previous calendar year;(2)The contractor's records are kept in a manner which may be audited to determine whether contractor's excise tax and use tax are paid for all realty improvement contracts;(3)The contractor has made a written request to the secretary of revenue for authority to pay tax on the accrual basis; and(4)Authority to pay tax on the accrual basis applies only to realty improvement contracts commencing after the authority is granted. Source: SL 1990, ch 93, §1; SL 2003, ch 272 (Ex. Ord. 03-1), §82; SL 2011, ch 1 (Ex. Ord. 11-1), §161, eff. Apr. 12, 2011.
South Dakota Legal Code