State of South Dakota
LEGISLATIVE ASSEMBLY, 2013
This bill has been extensively amended (hoghoused) and may no longer be consistent
with the original intention of the sponsor.
SENATE STATE AFFAIRS
ENGROSSED NO. HB 1045 - 02/27/2013
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
(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.