2010 South Dakota Code
Title 50 - AVIATION
Chapter 11 - Registration And Licensing Of Aircraft And Pilots
Section 50-11-35 - Application of original registration tax to leased aircraft.

50-11-35. Application of original registration tax to leased aircraft. For aircraft leased under an agreement of thirty-six calendar months or less, the original registration tax of four percent applies only to the scheduled lease payments, excluding fuel, routine maintenance, insurance and crew, made in money or otherwise and shall be paid by the lessee at the time payments are made to the lessor. For aircraft leased for more than thirty-six calendar months, either by multiple short-term or a long-term agreement, the original registration tax shall be assessed on the market value of the aircraft at the time registration is due as stated in the aircraft bluebook and price digest. This original registration tax is the responsibility of the owner. A copy of the lease agreement shall be provided to the director with the application for registration. If the lessee purchases the aircraft during the time period of the lease, all moneys paid to the Department of Transportation for registration taxes under this chapter shall be credited to taxes required in § 50-11-19. Although the payment of taxes is based on the lease payments, the annual registration fee provided for in §§ 50-11-12 to 50-11-14, inclusive, apply for each aircraft under lease.

Source: SL 1993, ch 348, § 14.