State of South Dakota  
EIGHTY-EIGHTH SESSION
LEGISLATIVE ASSEMBLY, 2013  

400U0289   SENATE STATE AFFAIRS ENGROSSED    NO.  HB 1045 -  02/27/2013  
This bill has been extensively amended (hoghoused) and may no longer be consistent with the original intention of the sponsor.
Introduced by:    The Committee on State Affairs at the request of the Department of Revenue
 

        FOR AN ACT ENTITLED, An Act to revise certain provisions regarding alternative apportionment methods available for determination of the bank franchise tax.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
    Section 1. That § 10-43-29.1 be amended to read as follows:
    10-43-29.1. If the apportionment methods included in §§ 10-43-22.1 to 10-43-25.7, inclusive, do not fairly represent the financial institution's net income in this state, the financial institution may petition for, or the secretary may require, pursuant to criteria established by rule promulgated pursuant to chapter 1-26, with respect to all or any part of the taxpayer's business activity:
            (1)    Separate accounting;
            (2)    The exclusion of any one or more of the factors;
            (3)    The inclusion of one or more additional factors which will fairly represent the taxpayer's business activity in this state; or
            (4)    The employment of any other method to effectuate an equitable allocation and

apportionment of the taxpayer's taxable income.

    The secretary shall promulgate rules pursuant to chapter 1-26 within six months of any decision to use any of the alternative apportionment methods provided under this section.