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 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.

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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 ____________________________ Chief Clerk =========================     ____________________________ Speaker of the House Attest: ____________________________ Chief Clerk ____________________________ President of the Senate Attest: ____________________________ Secretary of the Senate House Bill No. 1045 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