Section 10-21-30 - Computation of tax--Credit for tax prepaid.
10-21-30. Computation of tax--Credit for tax prepaid. If a new or expanded mining operation, processing plant, electrical generating plant, or other industrial operation is assessed, it shall be subject to taxation in the same manner as is all other property similarly situated except that the amount of prepaid taxes collected shall be credited against the property taxes which the person or corporation would have paid without a prepayment agreement. The tax credit shall cease when the amount of prepaid property tax is equal to the amount of property tax due without a prepayment agreement.
Source: SL 1980, ch 84, § 3.