What tax incentives are available for businesses in South Dakota?

South Dakota offers several tax incentives to encourage business growth and investment. One important incentive is the no state income tax policy, which attracts businesses by preserving more capital for investment and expansion. Additionally, the state offers the Reinvestment Payment Program (RPP), a refundable tax credit that partially offsets the cost of construction, equipment, and other qualifying expenses for eligible businesses. The Small Business Capital Investment Program (SBCIP) provides low-interest loans to small businesses for purchasing fixed assets. For businesses located in the State Denial Municipal Infrastructure Investment Program (DMIIP) district, state sales taxes on certain construction materials are exempt. The Tax Increment Financing (TIF) program allows municipalities to dedicate tax increments from improved properties towards financing redevelopment projects. Businesses can also benefit from the Governor's Office of Economic Development, which offers various grants and incentives, including workforce development funds. These incentives collectively make South Dakota an attractive place for businesses to establish and grow their operations.