|Taking a look at Referred Law 14|
|Tuesday, 30 October 2012 12:16|
If passed, R-F-14 would take 22 percent of the contractor's excise tax from the state general fund and use the money as an incentive to draw industries such as manufacturing, power generation, wind energy and test laboratories to South Dakota. The South Dakota Democratic Party opposes the law.
Pennington County Democratic Party president Mike Wilson says, "This law takes about $20 million out of the general fund, money that would be given to everybody for schools and roads and social services and all those things, and gives the money to a select few corporations who will expand their businesses in South Dakota."
SD Chamber of Commerce and Industry president David Owen says, "The accusation that this takes money from the general fund and just gives to a few is wrong. This money wouldn't exist if the investments aren't made. And what we don't look at is the fact that other than ethanol, the refunds that have been given are less than 50 percent. So while you look at $13, 14, 15 million that might come out of the contractor's excise tax, please keep in mind that what is left behind is $14, 15, 16, 17 million that wouldn't be there otherwise."
The money could not be used for projects like retail establishments, residential housing, and facilities for lodging, healthcare services, or the raising or feeding of livestock.