(a) There is hereby imposed as a city excise tax upon the privilege of the use, storage and consumption, within the jurisdiction of the city and county, of tangible personal property purchased from and after the effective date of the ordinance from which this section is derived, in addition to the tax provided in § 37.020, a tax at 1% upon all transactions or use, storage and consumption which are subject to the State Use Tax Act, SDCL ch. 10-46, and acts amendatory thereof.
(b) Any revenue received under division (a) above shall be deposited to the city treasury in a fund designated for the capital improvements as outlined within § 36.034, and defined as capital by the city’s accounting manual, debt retirement, furniture, fixtures and equipment (“FF&E”) on new construction and transfer to a nongovernmental fund to provide funding for the same.
(1992 Code, § 39-47.1) (Ord. 103-83, passed 12-12-1983; Ord. 78-87, passed 9-14-1987; Ord. 46-88, passed 6-20-1988; Ord. 67-88, passed 7-25-1988; Ord. 46-89, passed 5-22-1989; Ord. 70-03, passed 8-4-2003; Ord. 14-04, passed 2-9-2004; Ord. 152-06, passed 11-20-2006; Ord. 116-08, passed 9-15-2008)
Editor’s note:
It should be noted that notwithstanding any provision of Ord. 14-04 to the contrary, the second penny sales use tax of .92% established pursuant to Ord. 70-03 and codified in §§ 37.002 and 37.021 has been in effect from and after January 1, 2004, to the current date, and shall remain at that rate until changed by duly adopted action by the city council.