10-43-1. Definition of terms. Terms used in this chapter mean: (1)”Corporation,” joint stock companies, limited partnerships, limited liability companies, and associations organized for pecuniary profit; (a)”Domestic corporation,” any corporation organized under the laws of this state; (b)”Foreign corporation,” any corporation other than a domestic corporation; (1A)”Credit card bank,” any financial institution that is subject to […]
10-43-10.1. Net income defined. Net income, in the case of a financial institution, is taxable income as defined in the United States Internal Revenue Code, as defined by §10-1-47, and reportable for federal income tax purposes for the taxable year, but subject to the adjustments as provided in §§10-43-10.2 and 10-43-10.3. If a financial institution […]
10-43-10.2. Additions to taxable income. Added to taxable income are: (1)Interest or dividend income derived from obligations or securities of states or political subdivisions or authorities thereof not included in taxable income as determined under the Internal Revenue Code; (2)All income taxes paid or accrued, as the case may be, during the tax year under […]
10-43-10.3. Subtractions from taxable income. Subtracted from taxable income are: (1)Dividends received from financial institutions subject to taxation under this chapter to the extent such dividends were included in taxable income as determined under the Internal Revenue Code; (2)Taxes imposed upon the financial institution within the tax year, under the Internal Revenue Code excluding any […]
10-43-10.4. Carryback of net operating losses not deductible. No carryback of net operating losses may be deducted from net income for state tax purposes. Source: SL 1982, ch 108; SL 2014, ch 60, §3, eff. Jan. 1, 2015; SL 2016, ch 62, §7.
10-43-10.5. Carryforward of net operating losses deductible. A deduction may be made for a carryforward of a net operating loss. The deduction is limited to the seven tax years immediately following the tax year of the loss. Net income may not be less than zero prior to making the adjustments provided for in §§10-43-10.2 and […]
10-43-2. Tax imposed on financial institutions. An annual tax is hereby imposed on each financial institution doing business in this state or licensed to do business in this state during any part of its tax year. Source: SL 1939, ch 263, §§3, 4; SDC Supp 1960, §§57.30A03, 57.30A04; SDCL §10-43-3; SL 1977, ch 96, §2; […]
10-43-22.1. Tax limited to income from business within state–Formula for net income apportionment. Financial institutions engaged in business within and without the state shall be taxed only on such business as is properly apportioned to this state. All net income shall be apportioned to this state by multiplying the net income by a fraction, the […]
10-43-23.1. Property factor. The property factor used in §10-43-22.1 is a fraction, the numerator of which is the average value of the financial institution’s real and tangible property owned or rented and used in this state during the tax period and the denominator of which is the average value of all the financial institution’s real […]
10-43-23.2. Valuation of property owned or rented–Net annual rental rate. Property owned by the financial institution is valued at its original cost. Property rented by the financial institution is valued at eight times the net annual rental rate. Net annual rental rate is the annual rental rate paid by the taxpayer less any annual rental […]
10-43-23.3. Average value determination. The average value of property shall be determined by averaging the values at the beginning and ending of the tax period if reasonably required to reflect properly the average value of the financial institution’s property. Source: SL 1977, ch 96, §8.
10-43-24.1. Payroll factor. The payroll factor used in §10-43-22.1 is a fraction, the numerator of which is the total amount paid in this state during the tax period by the financial institution for compensation, and the denominator of which is the total compensation paid everywhere during the tax period. Compensation does not include any payment […]
10-43-24.2. Compensation paid in state. Compensation is paid in this state if: (1)The individual’s service is performed entirely within this state; (2)The individual’s service is performed both within and without the state, but the service performed without the state is incidental to the individual’s service within the state; or (3)Some of the individual’s service is […]
10-43-25.1. Receipts factor. The receipts factor used in §10-43-22.1 is a fraction, the numerator of which is the total receipts of the financial institution in the state during the tax period, and the denominator of which is the total receipts of the financial institution everywhere during the tax period. Source: SL 1977, ch 96, §11; […]
10-43-25.2. Interest, fees, and penalties in nature of interest, discount, and net gain from loans included in numerator. Interest, fees and penalties in the nature of interest, discount, and net gain from loans, including federal funds sold and acceptances, and other installment obligations shall be included in the numerator specified in §10-43-25.1 as follows: (1)The […]
10-43-25.3. Fees, commissions, service charges, and other receipts included in numerator. Fees, other than those described in §10-43-25.2, commissions, service charges, and other receipts from the rendering of financial or fiduciary services shall be included in the numerator specified in §10-43-25.1 if the service is principally performed in South Dakota unless the fees, commissions, service […]
10-43-25.4. Rental property receipts included in numerator. Receipts from the rental of real or tangible personal property shall be included in the numerator specified in §10-43-25.1 if the property is principally located in South Dakota. Source: SL 1977, ch 96, §14; SL 2014, ch 61, §8, eff. Jan. 1, 2015.
10-43-25.5. Interest, dividends, and net gains from securities transactions included in numerator. Interest, dividends, and net gains from transactions in securities, including stocks, bonds, and all other money markets instruments, shall be included in the numerator specified in §10-43-25.1 if the financial institution’s principal place of business is in South Dakota. Source: SL 1977, ch […]
10-43-25.6. Receipts from securities used to maintain reserves against deposits included in numerator. Notwithstanding the provisions of §10-43-25.5, receipts from securities used to maintain reserves against deposits to meet federal and state reserve requirements shall be included in the numerator specified in §10-43-25.1 based on the ratio that the deposits in South Dakota bear to […]
10-43-25.7. Receipts from securities held or pledged for public or trust funds included in numerator. Receipts from securities owned by a financial institution but held or pledged to secure public or trust funds shall be included in the numerator specified in §10-43-25.1 if the financial institution’s office where the deposits are maintained is in South […]
