SDCL § 10-46E-1: Gross receipts tax imposed--Farm machinery, attachment units, and irrigation equipment--Sale, resale, or lease--Rate--Trade-ins.

There is hereby imposed an excise tax of four and one-half percent on the gross receipts from the sale, resale, or lease of farm machinery, attachment units, and irrigation equipment used exclusively for agricultural purposes. However, if any trade-in or exchange of used farm machinery, attachment units, and irrigation equipment is involved in the transaction, the excise tax is only due and may only be collected on the cash difference.