AN ACT

        ENTITLED, An Act to make certain form and style changes regarding 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 10-43-25.9, 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.
    Section 2. That § 10-43-36 be amended to read as follows:
    10-43-36. Any related corporation required to report under this chapter and owned or controlled either directly or indirectly by another corporation may petition the secretary of revenue, or may be required by the secretary of revenue, to make a consolidated report with related corporations that are required to report under this chapter showing the combined net income, such assets of the corporation as are required for the purpose of this chapter, and such other information as the secretary of revenue may require by rule promulgated pursuant to chapter 1-26.
An Act to make certain form and style changes regarding the bank franchise tax.

=========================
I certify that the attached Act originated in the

SENATE as Bill No. 55

____________________________
Secretary of the Senate
=========================    

____________________________
President of the Senate

Attest:

____________________________
Secretary of the Senate

____________________________
Speaker of the House

Attest:

____________________________
Chief Clerk

Senate Bill No. 55
File No. ____
Chapter No. ______  
  =========================
Received at this Executive Office this _____ day of _____________ ,

20____ at ____________ M.


By _________________________
for the Governor
=========================

The attached Act is hereby approved this ________ day of ______________ , A.D., 20___

____________________________
Governor
=========================
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