ENTITLED, An Act to
revise the provisions concerning the imposition and administration of the
inheritance tax.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section
1.
That chapter 10-41 be amended by adding thereto a NEW SECTION to read as
follows:
If the inheritance tax has not been paid within one year after the date of death of the decedent and
it appears to the satisfaction of the secretary of revenue that the failure to pay such tax within one
year after the decedent's death is due to the difficulty or impossibility of identifying the heirs of the
decedent, the secretary may waive or compromise the interest on such tax from the date when first
accrued until such time as, in the judgment of the secretary, such cause is removed.
Section
2.
That
§
10-40-2 be amended by adding thereto a NEW SUBDIVISION to read as
follows:
Intangible personal property owned by a nonresident of South Dakota is not subject to the tax
imposed by this section. Intangible personal property held by a revocable or irrevocable trust, which
property was transferred to the trust by a decedent who was a nonresident of South Dakota both at
the time that such property was transferred to the trust and at the time of death is not subject to the
tax imposed by this section. Nothing contained in this subdivision may be construed to alter or affect
existing laws concerning transfers by residents of South Dakota.
An Act to revise the provisions concerning the imposition and administration of the inheritance tax.
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I certify that the attached
Act
originated in the
SENATE as
Bill
No.
51
|
____________________________
Secretary of the Senate
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____________________________
President of the Senate
____________________________
Secretary of the Senate
____________________________
Speaker of the House
____________________________
Chief Clerk
Senate
Bill
No.
51
File No. ____
Chapter No. ______
|
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Received at this Executive Office
this _____ day of _____________ ,
20____ at ____________ M.
| By _________________________
for the Governor
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The attached Act is hereby
approved this ________ day of
______________ , A.D., 20___
____________________________
Governor
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STATE OF SOUTH DAKOTA,
ss.
Office of the Secretary of State
Filed ____________ , 20___
at _________ o'clock __ M.
____________________________
Secretary of State
By _________________________
Asst. Secretary of State