Tax changes topic of meeting The South Dakota Department of Revenue and Regulation will host a meeting in Vermillion Monday, Dec. 22, to assist area businesses in preparing for the upcoming changes in the state's municipal sales taxes.
The Vermillion presentation will be 5:30 p.m. at the Vermillion Chamber of Commerce and Development Company, 906 East Cherry Street. For information, call the SD Department of Revenue and Regulation's Yankton office at 605-668-2939.
Effective Jan. 1, 2004, the current municipal sales tax system will undergo these changes:
1. Food will be taxable in every city that has a sales tax and taxed at the same rate as every other product.
2. Some cities will change their current sales tax rates, and not all rates will be at a whole percentage. For example, a city that now has a sales tax rate of 2 percent may change their rate to 1.78 percent.
3. Many of the codes assigned to city taxes will be different.
4. Every city which exempted construction materials delivered to a truck of a construction company for use outside city limits will repeal the exemption.
The Dec. 22 meeting will give local retailers the opportunity to meet with Department of Revenue and Regulation officials to learn how the tax changes will affect the way they do business.