SDCL 10-4-39 Exemption of Facility Operated As a Multi-Tenant Business Incubator

• Library: South Dakota Statutes
• Edition: 2023
• Currency: Current through the 2023 Legislative Session
• Year: 2023
• Citation: SDCL 10-4-39

Any facility operated as a multi-tenant business incubator and owned by an entity recognized as an exempt nonprofit corporation pursuant to section 501(c)(3), 501(c)(4), or 501(c)(6) of the United States Internal Revenue Code, as defined by § 10-1-47, is exempt from property taxation. A business incubator is any facility that supports the development and operation of a number of small start-up businesses. Tenants of the facility may share a number of support services and the tenants may receive technical assistance, business planning, legal, financial, and marketing advice. If any portion of the facility is occupied by an incubated business for more than five years, that po...