1011. TAX IMPOSED ON IMPROVEMENTS BUILT FOR LEASE - CREDIT AGAINST TAX ON SALE - DUE DATE - EXEMPTIONS.

There is imposed a tax at the rate provided in Section 1003, on the fair market value of the improvement, upon any person who builds a building for lease to himself or others with a value of over one hundred dollars. If the realty improvement becomes subject to tax under Section 1010, credit tax due under that section is given for any tax paid under this section. The tax imposed by this section is due the next reporting date after the improvement is first used or leased. The tax imposed by this section does not apply to the United State, the Rosebud Sioux Tribe, the State of South Dakota and its subdivision, or public, tribal or municipal corporations within the Reservation. This section applies only to improvements substantially completed after April 30, 1984.