FOR AN ACT ENTITLED, An Act to define a credit card bank and to revise certain provisions regarding the distribution of the bank franchise tax.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
    Section 1. That § 10-43-1 be amended by adding thereto a NEW SUBDIVISION to read as follows:

    "Credit card bank," any financial institution subject to the tax imposed by this chapter that derives the majority of income apportioned to this state from the use of credit cards. These activities include fees, transactional costs, interest, and penalties.
    Section 2. That § 10-43-76 be amended to read as follows:
    10-43-76. Upon the receipt of the funds referred to in this chapter, the secretary of revenue shall deposit ninety-five percent of the taxes paid by credit card banks organized under §§ 51A-2-38 to 51A-2-43, inclusive, and twenty-six and two-thirds percent of all other revenue to the general fund. The secretary of revenue shall remit the remainder, on or before February first of each year, to the county treasurer of the county wherein is situated the bank or financial institution remitting the tax. However, the remittance of tax from all branch banks, branch

offices, or branches of other financial institutions subject to this tax shall be separated from the remittance of the parent bank or financial institution and shall be remitted to the county treasurer of the county wherein said in which the branch bank, branch office, or financial institution is located.