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 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.
An Act to revise certain provisions regarding alternative apportionment methods available for
determination of the bank franchise tax.
I certify that the attached Act
originated in the
HOUSE as Bill No. 1045
Speaker of the House
President of the Senate
Secretary of the Senate
House Bill No. 1045
File No. ____
Chapter No. ______
Received at this Executive Office
this _____ day of _____________ ,
20____ at ____________ M.
for the Governor
The attached Act is hereby
approved this ________ day of
______________ , A.D., 20___
STATE OF SOUTH DAKOTA,
Office of the Secretary of State
Filed ____________ , 20___
at _________ o'clock __ M.
Secretary of State
Asst. Secretary of State