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Thursday, 11 March 2010 14:47 |
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PIERRE, S.D. (AP) _ A compromise limiting tax rebates to
construction projects costing up to $500 million headed to the full
Legislature after a conference committee on Thursday worked out the
details between differing bills.
As an incentive to spur development, the state now gives back a
varying percentage of sales taxes and contractor's excise taxes to
builders depending on the cost of the project. Those costing more
than $600 million get back 90 percent.
The compromise allows rebates of 45 percent on projects costing
$10 million to $40 million, and 55 percent for those of $40 million
to $500 million. It would mean more revenue for the state if
adopted by the House and Senate.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
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