reglab/statecodes huggingface dataset:
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 39 - Mineral Severance Tax › Section 10-39-67 - Filing verified estimates--Payment due.

10-39-67. Filing verified estimates--Payment due.
Effective January 1, 1993, persons required to report net profits tax shall file verified estimates of the tax due and pay one-fourth of the tax on the last day of April for the quarter ending on March thirty-first, on the last day of July for the quarter ending June thirtieth, on the last day of October for the quarter ending September thirtieth, and on the last day of January for the quarter ending December thirty-first. The final return and final payment of any additional tax due for the preceding calendar year is due June first of the year following the year for which the report is due.
Source:
SL 1994, ch 89, §4.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 39 - Mineral Severance Tax › Section 10-39-68 - Additional tax on precious metals--Rate.

10-39-68. Additional tax on precious metals--Rate.
In addition to the tax imposed in §10-39-43, there is hereby imposed an additional tax on each ounce of precious metals severed as follows:
(1)Four dollars per ounce of gold severed during a quarter if the average price of the precious metal is eight hundred dollars per ounce or greater;
(2)Three dollars per ounce of gold severed during a quarter if the average price of the precious metal is seven hundred dollars per ounce or greater;
(3)Two dollars per ounce of gold severed during a quarter if the average price of the precious metal is six hundred dollars per ounce or greater; and
(4)One dollar per ounce of gold severed during a quarter if the average price of the precious metal is five hundred dollars per ounce or greater.
The average price of gold shall be computed by summing the daily London Final price of the precious metal for each business day of the quarter and dividing by the number of business days in the quarter.
Source:
SL 1994, ch 89, §5.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 39A - Energy Minerals Severance Tax › Section 10-39A-1 - Severance tax imposed on energy minerals--Rate.

10-39A-1. Severance tax imposed on energy minerals--Rate.
For the privilege of severing energy minerals in this state, there is imposed on the owner or operator of any energy mineral an excise tax, to be termed a "severance tax," equal to four and one-half percent of the taxable value of any energy minerals severed and saved by or for the owner or operator.
Source:
SL 1977, ch 93, §1; SL 1978, ch 81, §1; SL 1979, ch 78, §1; SL 2008, ch 37, §94.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 39A - Energy Minerals Severance Tax › Section 10-39A-1.1 - Definition of terms.

10-39A-1.1. Definition of terms.
Terms used in this chapter mean:
(1)"Energy minerals," any mineral fuel including coal, lignite, petroleum, oil, natural gas, uranium, and thorium and any combination of minerals used in the production of energy;
(2)"Market value," the price at which the property would change hands between a willing buyer and willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the facts;
(3)"Operator," a person who directly or physically severs minerals from the land;
(4)"Owner of interest" or "owner," an owner of a landowner's royalty, of an overriding royalty, or of profits and working interests, or any combination thereof. The term does not include an owner of federal, state, or local governmental royalty interest;
(5)"Sale price," the total consideration received in exchange for energy minerals;
(6)"Secretary," the secretary of the South Dakota Department of Revenue;
(7)"Severing," the mining, extracting, or producing of any energy minerals in South Dakota;
(8)"Severor," a person engaging in the business of severing energy minerals that the person owns or a person who is the owner of energy minerals and has another person performing the severing of such energy minerals, except that the term does not include the State of South Dakota or its political subdivisions.
Source:
SL 1978, ch 81, §2; SL 1979, ch 78, §2; SL 2003, ch 272 (Ex. Ord. 03-1), §82; SL 2008, ch 37, §95; SL 2011, ch 1 (Ex. Ord. 11-1), §161, eff. Apr. 12, 2011.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 39A - Energy Minerals Severance Tax › Section 10-39A-2 - Taxable value based on sale price or market value--Governmental royalty interests deducted.

10-39A-2. Taxable value based on sale price or market value--Governmental royalty interests deducted.
Except as otherwise provided in this chapter, the taxable value of any energy mineral which has been sold is the sale price of such mineral less any rental or royalty payment belonging to the United States or the State of South Dakota or its political subdivisions and the taxable value of any severed and saved energy mineral which has not been sold is the market value of such mineral less any rental or royalty payment belonging to the United States or the State of South Dakota or its political subdivisions.
Source:
SL 1977, ch 93, §1; SL 1978, ch 81, §4.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 39A - Energy Minerals Severance Tax › Section 10-39A-2.1 - Posted field price as taxable value.

10-39A-2.1. Posted field price as taxable value.
When any energy mineral has a posted field price at the point of productions, the taxable value of such mineral is the posted field price.
Source:
SL 1978, ch 81, §5.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 39A - Energy Minerals Severance Tax › Section 10-39A-2.2 - Uranium ore taxed on triuranium octa-oxide content.

10-39A-2.2. Uranium ore taxed on triuranium octa-oxide content.
The taxable value of severed and saved uranium-bearing material is the sales price per pound of the content of triuranium octa-oxide contained in the severed and saved uranium ore or processed yellow-cake concentrate, regardless of the form in which the product is actually disposed of. However, if the severed and saved uranium ore or processed uranium yellow-cake concentrate is not sold, the taxable value is the market value of the triuranium octa-oxide in such material.
Source:
SL 1978, ch 81, §6.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 39A - Energy Minerals Severance Tax › Section 10-39A-3.1 - Point of imposition of severance tax.

10-39A-3.1. Point of imposition of severance tax.
An energy mineral is subject to the severance tax when it is sold or consumed, whichever occurs first.
Source:
SL 1978, ch 81, §7; SL 1991, ch 93.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 39A - Energy Minerals Severance Tax › Section 10-39A-4 - Operator to be designated to file returns and pay tax--Tax withheld from owner--Designated operator.

10-39A-4. Operator to be designated to file returns and pay tax--Tax withheld from owner--Designated operator.
Each owner of interests in energy minerals produced from a single well or mine shall designate an operator to file all required returns and to pay the tax due under this chapter. The tax, subject to any provisions to the contrary in any written contract, lease, or other form of agreement, shall be withheld from distributions that would otherwise be made to each owner by the operator for payment to the state. If any owner of interests in energy minerals produced from a single well or mine fails to designate such an operator, then the person designated as operator by the owner of the working interest in the well or mine, or, if no such person has been designated, then the person holding the greatest portion of the working interest in such well or mine, is the designated operator for purposes of this section.
Source:
SL 1977, ch 93, §4; SL 1978, ch 81, §8; SL 2008, ch 37, §97.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 39A - Energy Minerals Severance Tax › Section 10-39A-5 - Quarterly filing of reports and remission of tax due--Forms--Violation as misdemeanor.

10-39A-5. Quarterly filing of reports and remission of tax due--Forms--Violation as misdemeanor.
Within thirty days after the close of each quarter ending respectively on March thirty-first, June thirtieth, September thirtieth, and December thirty-first of each year, each owner of severed energy minerals or person designated to remit the tax on behalf of the owners shall file with the secretary of revenue under oath a report of the amount of energy minerals which became subject to the severance tax in the previous quarter and the amount of tax due under the provisions of this chapter and shall remit with such report the amount of tax thereof shown to be due. Any report made shall be on forms and in accordance with rules promulgated by the secretary of revenue pursuant to chapter 1-26. A violation of this section is a Class 1 misdemeanor.
Source:
SL 1977, ch 93, §2; SL 1978, ch 81, §9; SL 1987, ch 82, §17; SL 1992, ch 158, §3; SL 2003, ch 272 (Ex. Ord. 03-1), §82; SL 2011, ch 1 (Ex. Ord. 11-1), §161, eff. Apr. 12, 2011.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 39A - Energy Minerals Severance Tax › Section 10-39A-7 - Severance tax in lieu of taxes other than sales, use, and property taxes.

10-39A-7. Severance tax in lieu of taxes other than sales, use, and property taxes.
This tax is in lieu of all other occupational, excise, income, privilege, franchise taxes, and any other mineral taxes levied by the state, but is not in lieu of sales, use, and property taxes.
Source:
SL 1977, ch 93, §1; SL 2008, ch 37, §98; SL 2021, ch 49, § 2.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 39A - Energy Minerals Severance Tax › Section 10-39A-8 - Proceeds distributed.

10-39A-8. Proceeds distributed.
All taxes, interest and penalties imposed and collected by the secretary under this chapter shall be distributed as follows:
(1)One-half shall be returned to the county in which the energy minerals or mineral products were severed; and
(2)One-half share shall be paid into the state treasury and credited to the general fund.
Source: SL 1978, ch 81, §§11, 12; SL 1979, ch 77, §§4, 5; SL 1981, ch 96; SL 2003, ch 272 (Ex. Ord. 03-1), §82; SL 2007, ch 28, §1; SL 2011, ch 1 (Ex. Ord.
11-1
), §161, eff. Apr. 12, 2011; SL 2021, ch 49, § 3.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 39A - Energy Minerals Severance Tax › Section 10-39A-9 - Funds paid to counties.

10-39A-9. Funds paid to counties.
Funds paid to counties under this chapter shall be paid out on warrants drawn by the state auditor on vouchers approved by the secretary.
Source:
SL 1978, ch 81, §13; SL 1979, ch 77, §2; SL 2021, ch 49, § 4.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 39A - Energy Minerals Severance Tax › Section 10-39A-10 - County trust and agency account--Purposes for which proceeds used by counties.

10-39A-10. County trust and agency account--Purposes for which proceeds used by counties.
Upon receipt of any funds paid to a county under the provisions of this chapter, the county treasurer shall deposit the funds in a trust and agency account. The county auditor shall at the direction of the board of county commissioners, allocate the funds to be distributed by the county treasurer for school and road purposes to offset social, economic, or physical impacts, either direct or indirect, resulting from energy development or production in the county.
Source:
SL 1978, ch 81, §14; SL 1979, ch 77, §3.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 39A - Energy Minerals Severance Tax › Section 10-39A-16 - Action by secretary for collection of delinquent taxes--Exemption from execution.

10-39A-16. Action by secretary for collection of delinquent taxes--Exemption from execution.
All delinquent taxes imposed by this chapter shall constitute a debt due to the State of South Dakota and may be collected by action brought by the secretary in the name of the state against the delinquent tax debtor in any court of competent jurisdiction. No exemptions from the execution of a judgment so obtained may be permitted except those made absolute by the exemption laws of this state.
Source:
SL 1982, ch 100, §2.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 39A - Energy Minerals Severance Tax › Section 10-39A-18 - Inspection of books and records--Authority of secretary--Violation as misdemeanor.

10-39A-18. Inspection of books and records--Authority of secretary--Violation as misdemeanor.
The secretary may inspect or examine any books, waybills, inventories, correspondence, and memoranda relating to or used in the transaction of the business of a person subject to the tax imposed by this chapter. It is a Class 1 misdemeanor for any person having charge, control, or possession of those papers, books, or records to neglect or refuse the secretary full and free access to any books, papers, or records that he requires for the purposes of this chapter.
Source:
SL 1982, ch 100, §4.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 39A - Energy Minerals Severance Tax › Section 10-39A-19 - Inspection of books and records--Authority of county commissioner--Violation as misdemeanor.

10-39A-19. Inspection of books and records--Authority of county commissioner--Violation as misdemeanor.
The board of county commissioners of the affected county may inspect or examine any books, waybills, inventories, correspondence, and memoranda relating to or used in the transaction of the business of a person subject to the tax imposed by this chapter and severing energy minerals within that county. It is a Class 1 misdemeanor for any person having charge, control, or possession of those papers, books, or records to neglect or refuse the board full and free access to any books, papers, or records that it requires pursuant to this section.
Source:
SL 1982, ch 100, §4A.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 39A - Energy Minerals Severance Tax › Section 10-39A-20 - False statement under oath as perjury.

10-39A-20. False statement under oath as perjury.
Any person, required by this chapter to make or file a statement or to verify it under oath, who intentionally makes or verifies under oath a false statement is guilty of perjury with punishment, upon conviction, as provided by law.
Source:
SL 1982, ch 100, §5.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 39B - Conservation Tax On Severance Of Energy Minerals › Section 10-39B-1 - Legislative findings.

10-39B-1. Legislative findings.
The Legislature finds that:
(1)Exploration for and development of energy minerals in this state may from time to time require the expenditure of state funds in the administration of the rules and statutes; and
(2)The State of South Dakota should be compensated for those reasonable costs incurred in carrying out the duties as set forth in chapters 45-9, 45-6B, and 45-6D.
Source:
SL 1983, ch 313, §1; SL 2009, ch 13, §6.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 39B - Conservation Tax On Severance Of Energy Minerals › Section 10-39B-2 - Imposition of tax--Rate--Payment--Disposition--Collection.

10-39B-2. Imposition of tax--Rate--Payment--Disposition--Collection.
There is imposed on the severance of energy minerals in this state an excise tax, to be known as a conservation tax, equal to two and four-tenths mills of the taxable value of any energy minerals severed and saved. The tax shall be paid by the operator as defined in subdivision 10-39A-1.1(3). An operator may not pass the tax on to the owner of the energy minerals. The tax provided for in this chapter shall be placed in the environment and natural resources fee fund established pursuant to §1-41-23 and collected in accordance with chapter 10-59. The tax collected from the production of oil or gas may be used to carry out the duties as set forth in chapter 45-9. The tax collected from the production of coal or uranium may be used to carry out the duties as set forth in chapters 45-6B and 45-6D.
Source:
SL 1983, ch 313, §2; SL 1984, ch 80; SL 1994, ch 23, §3; SL 2009, ch 13, §7; SL 2021, ch 1 (Ex. Ord. 21-3), §14, eff. Apr. 19, 2021; SL 2021, ch 49, §9.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-2 - Tax imposed on financial institutions.

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; SL 2016, ch 62, §2.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-4 - Time of liability for tax--Rate of tax--Minimum.

10-43-4. Time of liability for tax--Rate of tax--Minimum.
The liability for the tax imposed by this chapter shall arise upon the first day of each tax year and shall be based upon the net income assignable to this state at the rate of six percent on net income of four hundred million dollars or less; at the rate of five percent on net income exceeding four hundred million dollars but equal to or less than four hundred twenty-five million dollars; at the rate of four percent on the net income exceeding four hundred twenty-five million dollars but equal to or less than four hundred fifty million dollars; at the rate of three percent on the net income exceeding four hundred fifty million dollars but equal to or less than four hundred seventy-five million dollars; at the rate of two percent on the net income exceeding four hundred seventy-five million dollars but equal to or less than five hundred million dollars; at the rate of one percent on the net income exceeding five hundred million dollars but equal to or less than six hundred million dollars; at the rate of one-half of one percent on the net income exceeding six hundred million dollars but equal to or less than one billion two hundred million dollars; and at the rate of one-quarter of one percent on the net income exceeding one billion two hundred million dollars. The tax payable under this section may be no less than two hundred dollars.
Source:
SL 1939, ch 263, §§5, 8; SL 1941, ch 356, §1; SL 1943, ch 300; SL 1957, ch 467; SDC Supp 1960, §§57.30A05, 57.30A08; SL 1969, ch 266, §1; SL 1976, ch 96, §1; SL 1977, ch 97; SL 1979, ch 82, §1; SL 1991, ch 97; SL 2000, ch 58, §1; SL 2016, ch 62, §4.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-5 - Income tax in lieu of other taxes.

10-43-5. Income tax in lieu of other taxes.
The tax referred to in this chapter is in lieu of all other taxes, state, county, and local, except taxes upon the institutions' real property, taxes upon the institutions' leased sites, taxes upon tangible personal property and products transferred electronically not normally used in extension of credit or acceptance of deposits and the retail sales tax or the use tax on tangible personal property and any product transferred electronically. However, tangible personal property and any product transferred electronically acquired by the financial institution through a foreclosure proceeding are exempt from such other taxes.
Source:
SL 1939, ch 263, §§8, 10; SL 1943, ch 300; SDC Supp 1960, §§57.30A08, 57.30A10; SL 1977, ch 96, §3; SL 1983, ch 356, §6; SL 2008, ch 37, §102; SL 2008, ch 51, §68; SL 2016, ch 62, §5.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-10.1 - Net income defined.

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 has elected to file its federal tax return pursuant to 26 USC §1362(a) of the United States Internal Revenue Code, as defined by §10-1-47, net income shall be computed in the same manner and in the same amount as if that institution had continued to file its federal tax return without making the election and the financial institution shall continue to be treated as a separate corporation for the purposes of this chapter. If a financial institution is organized as a limited liability company, the limited liability company shall be treated as a separate corporation for the purpose of this chapter.
Source:
SL 1977, ch 96, §4; SL 1978, ch 83, §5; SL 1979, ch 82, §3; SL 1981, ch 98; SL 1982, ch 95, §3; SL 1983, ch 82, §1; SL 1984, ch 70, §1; SL 1985, ch 83, §1; SL 1986, ch 98, §1; SL 1987, ch 95; SL 1988, ch 103, §1; SL 1989, ch 101, §1; SL 1990, ch 83, §1; SL 1991, ch 98, §1; SL 1992, ch 68, §1; SL 1993, ch 95, §1; SL 1994, ch 92, §1; SL 1995, ch 65, §1; SL 1996, ch 79, §1; SL 1997, ch 64, §1; SL 1997, ch 65, §1; SL 1998, ch 68, §1; SL 1999, ch 56, §1; SL 2000, ch 59, §1; SL 2001, ch 53, §1; SL 2002, ch 59, §1; SL 2003, ch 60, §1; SL 2004, ch 90, §1; SL 2004, ch 289, §3; SL 2005, ch 67, §1; SL 2006, ch 45, §1; SL 2007, ch 54, §1; SL 2008, ch 46, §3; SL 2009, ch 39, §9; SL 2010, ch 45, §9; SL 2011, ch 48, §9; SL 2012, ch 59, §9; SL 2013, ch 42, §9; SL 2014, ch 54, §9; SL 2015, ch 62, §9; SL 2016, ch 54, §10.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-10.2 - Additions to taxable income.

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 the provisions of chapter 10-43 or under the provisions of any income tax, or franchise or privilege taxes measured by income levied by any other state or political subdivision to the extent that such taxes were deducted to determine federal taxable income;
(3)Bad debt deductions in excess of credits actually ascertained to be worthless and charged off within the tax year;
(4)Any amount subsequently received on account of a bad debt previously charged off as a deduction for tax purposes;
(5)Any amount received as a refund of federal income taxes during the tax year if that amount was previously deducted in determining net income;
(6)Dividends received from other corporations to the extent that such dividends have been deducted from net income as determined under the Internal Revenue Code; and
(7)Any capital loss from liquidating sales within the twelve-month period beginning on the date on which a financial institution adopts a plan of complete liquidation if all of the assets of the financial institution are distributed in complete liquidation less assets retained to meet claims within the twelve-month period, or from the distribution of property in complete liquidation of the financial institution which is subject to federal corporate income taxes pursuant to §336 of the Internal Revenue Code.
Source:
SL 1977, ch 96, §4(1); SL 1978, ch 83, §1; SL 1987, ch 96, §§1, 5; SL 2014, ch 60, §1, eff. Jan. 1, 2015.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-10.3 - Subtractions from taxable income.

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 taxes imposed under 26 USC §1374 and 26 USC §1375;
(3)Any interest expense described in §§291(e)(1)(B) and 265(b) of the Internal Revenue Code, which interest expense shall be deductible;
(4)Any capital gain from liquidating sales within the twelve-month period beginning on the date on which a financial institution adopts a plan of complete liquidation if all of the assets of the financial institution are distributed in complete liquidation less assets retained to meet claims within the twelve-month period, or from the distribution of property in complete liquidation of the financial institution which is subject to federal corporate income taxes pursuant to §336 of the Internal Revenue Code;
(5)Any adjustment to taxable income due to a change in the method used to compute the federal bad debt deduction where the adjustment has already been included in taxable income for purposes of the tax imposed by this chapter;
(6)For those financial institutions making an election pursuant to 26 USC §1362(a) of the United States Internal Revenue Code, as defined by §10-1-47, imputed federal income taxes in an amount equal to the taxes that would have been paid on net income as defined in §10-43-10.1 had the financial institution continued to file its federal tax return without making an election to file pursuant to 26 USC §1362(a); and
(7)For those financial institutions organized as limited liability companies, imputed federal income taxes in an amount equal to the taxes that would have been paid on net income as defined in §10-43-10.1 had the financial institution elected to file as a subchapter C corporation under the Internal Revenue Code.
Source:
SL 1977, ch 96, §4 (2); SL 1978, ch 83, §2; SL 1985, ch 84; SL 1987, ch 96, §§2-4; SL 1988, ch 104; SL 1997, ch 64, §2; SL 2004, ch 289, §4; SL 2014, ch 60, §2, eff. Jan. 1, 2015; SL 2015, ch 62, §11; SL 2016, ch 54, §11; SL 2016, ch 62, §6.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-10.4 - Carryback of net operating losses not deductible.

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.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-10.5 - Carryforward of net operating losses deductible.

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 10-43-10.3 because of a deduction taken for losses not incurred during the tax year for which the return is being filed.
The provisions of this section only apply to net operating losses incurred on or after January 1, 2015.
Source:
SL 2014, ch 60, §4, eff. Jan. 1, 2015; SL 2016, ch 62, §8.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-22.1 - Tax limited to income from business within state--Formula for net income apportionment.

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 numerator of which is the property factor, plus the payroll factor plus the receipts factor, the denominator of which is three.
Source:
SL 1935, ch 205, §15-a; SDC 1939, §57.2707; SDCL, §10-43-22; SL 1977, ch 96, §5.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-23.1 - Property factor.

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 and tangible personal property owned or rented and used everywhere during the tax period.
Source:
SL 1977, ch 96, §6; SL 2014, ch 61, §1, eff. Jan. 1, 2015.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-23.2 - Valuation of property owned or rented--Net annual rental rate.

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 received by the financial institution from subrentals.
Source:
SL 1977, ch 96, §7.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-23.3 - Average value determination.

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.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-24.1 - Payroll factor.

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 to any independent contractor or any other person not classified as an employee.
Source:
SL 1977, ch 96, §9; SL 2014, ch 61, §2, eff. Jan. 1, 2015; SL 2016, ch 62, §9.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-24.2 - Compensation paid in state.

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 performed in the state and:
(a)The base of operations, or if there is no base of operations, the place from which the individual's service is directed or controlled, is in this state; or
(b)The base of operations or place from which the individual's service is directed or controlled is not in any state in which some part of the individual's service is performed, but the individual's residence is in this state.
Source:
SL 1977, ch 96, §10 (1), (2); SL 2014, ch 61, §3, eff. Jan. 1, 2015.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-25.1 - Receipts factor.

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; SL 2014, ch 61, §5, eff. Jan. 1, 2015.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-25.3 - Fees, commissions, service charges, and other receipts included in numerator.

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 charges, and other receipts are affiliated service income as provided in §10-43-25.8.
Source:
SL 1977, ch 96, §13; SL 1996, ch 80, §1; SL 2014, ch 61, §7, eff. Jan. 1, 2015.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-25.4 - Rental property receipts included in numerator.

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.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-25.5 - Interest, dividends, and net gains from securities transactions included in numerator.

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 96, §15; SL 2014, ch 61, §9, eff. Jan. 1, 2015.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-25.6 - Receipts from securities used to maintain reserves against deposits included in numerator.

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 total deposits everywhere during the tax period.
Source:
SL 1977, ch 96, §15 (1); SL 2014, ch 61, §10, eff. Jan. 1, 2015.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-25.7 - Receipts from securities held or pledged for public or trust funds included in numerator.

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 Dakota.
Source:
SL 1977, ch 96, §§15 (2), 20; SL 2014, ch 61, §11, eff. Jan. 1, 2015.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-25.8 - Affiliated service income included in numerator.

10-43-25.8. Affiliated service income included in numerator.
Affiliated service income shall be included in the numerator specified in §10-43-25.1 only if the income relates to:
(1)Loans secured primarily by real property or tangible personal property located in this state;
(2)Loans made to customers located in this state, which are not secured by real property or tangible personal property; or
(3)Credit card receivables from customers in this state.
Source:
SL 1996, ch 80, §2; SL 2014, ch 61, §12, eff. Jan. 1, 2015.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-25.9 - Affiliated service income defined.

10-43-25.9. Affiliated service income defined.
For the purposes of §§10-43-25.3 and 10-43-25.8, affiliated service income means fees, commissions, service charges, and other receipts from the production or servicing of loans or credit card receivables by a nondepository financial institution for another nondepository financial institution, if each nondepository financial institution is in the same affiliated group for purposes of filing a consolidated federal corporate income tax return.
Source:
SL 1996, ch 80, §3; SL 2014, ch 61, §13, eff. Jan. 1, 2015.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-29.1 - Alternative apportionment methods.

10-43-29.1. Alternative apportionment methods.
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 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.
Source:
SL 1935, ch 205, §15-a; SDC 1939, §57.2707; SDCL §10-43-29; SL 1977, ch 96, §16; SL 1987, ch 82, §19; SL 2013, ch 54, §1; SL 2013, ch 55, §1.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-30 - Time for filing annual return and paying tax--Penalty and interest for delinquency.

10-43-30. Time for filing annual return and paying tax--Penalty and interest for delinquency.
Each taxpayer shall file a return for the tax year, and pay any tax imposed by this chapter, within fifteen days after the taxpayer's federal income tax return is due.
Any return not filed by the due date or tax not paid by the due date is delinquent and bears penalty and interest as provided in §10-59-6.
Source:
SDC 1939, §57.2701; SL 1977, ch 96, §17; SL 1983, ch 80, §1; SL 1985, ch 85; SL 1988, ch 105; SL 1993, ch 96, §11; SL 2003, ch 272 (Ex. Ord. 03-1), §82; SL 2008, ch 50, §1; SL 2011, ch 1 (Ex. Ord. 11-1), §161, eff. Apr. 12, 2011; SL 2016, ch 62, §10.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-30.1 - Extension of time to file return_Conditions--Interest.

10-43-30.1. Extension of time to file return--Conditions--Interest.
Any taxpayer shall receive an extension of time to file the return required by this chapter to a day not later than six months from the day the return was originally due, if the taxpayer:
(1)Files for an extension of time to file the taxpayer's federal income tax return;
(2)Files a copy of the federal income tax return extension request with the Department of Revenue on or before the day the return was originally due; and
(3)Makes a reasonable estimate of the amount of tax due and pays that amount with or prior to the request for extension of time to file.
If the time for filing the return is extended at the request of the taxpayer, and the amount of tax due exceeds the reasonable estimate paid pursuant to subdivision (3), interest, but not penalty, shall be added to the difference at the same rate as provided for in §10-59-6 from the time the return was originally due until the additional taxes due are paid.
Source:
SL 1987, ch 97; SL 2008, ch 50, §2; SL 2011, ch 1 (Ex. Ord. 11-1), §161, eff. Apr. 12, 2011; SL 2016, ch 62, §11.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-34 - Final return on dissolution.

10-43-34. Final return on dissolution.
Before a corporation may be dissolved and its assets distributed, the corporation shall make a return for any settlement of the tax for any income earned in the income year up to its final date of dissolution.
Source:
SL 1935, ch 205, §15; SDC 1939, §57.2713; SL 2008, ch 37, §103; SL 2016, ch 62, §14.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-36 - Consolidated report of related corporations.

10-43-36. Consolidated report of related corporations.
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.
Source:
SDC 1939, §57.2714; SL 1977, ch 96, §18; SL 1987, ch 82, §20; SL 2000, ch 58, §3; SL 2003, ch 272 (Ex. Ord. 03-1), §82; SL 2011, ch 1 (Ex. Ord. 11-1), §161, eff. Apr. 12, 2011; SL 2013, ch 54, §2.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-42.1 - Administration of chapter by secretary of revenue--Promulgation of rules.

10-43-42.1. Administration of chapter by secretary of revenue--Promulgation of rules.
The provisions of this chapter shall be administered by the secretary of revenue and the secretary may promulgate rules, pursuant to chapter 1-26, concerning:
(1)The procedure for filing tax returns and payment of the tax;
(2)The type of accounting to be used;
(3)The definition and deductibility of net federal income taxes;
(4)The application of the tax and exemptions; and
(5)The records to be retained by the taxpayer.
Source:
SL 1977, ch 96, §19; SL 1987, ch 82, §21; SL 2003, ch 272 (Ex. Ord. 03-1), §82; SL 2011, ch 1 (Ex. Ord. 11-1), §161, eff. Apr. 12, 2011; SL 2016, ch 62, §15.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-43.1 - Records kept by taxpayers--Inspection by secretary--Out-of-state records.

10-43-43.1. Records kept by taxpayers--Inspection by secretary--Out-of-state records.
Each person subject to tax under this chapter shall make and keep for a period of six years after federal taxable income has been finally determined by the United States any records as required by the secretary of revenue or otherwise necessary for the administration of this chapter. The records shall, at all times during business hours of the day, be subject to inspection by the secretary to determine the amount of tax due.
If in the normal conduct of the business, the required records are maintained and kept at an office outside the State of South Dakota, it shall be a sufficient compliance with this section if the records are made available for audit and examination by the Department of Revenue at the office outside of South Dakota.
Source:
SL 1976, ch 96, §2; SL 2003, ch 272 (Ex. Ord. 03-1), §82; SL 2011, ch 1 (Ex. Ord. 11-1), §161, eff. Apr. 12, 2011; SL 2016, ch 62, §16.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-46 - False or fraudulent return or information with intent to evade legal requirements as misdemeanor--Civil penalty.

10-43-46. False or fraudulent return or information with intent to evade legal requirements as misdemeanor--Civil penalty.
Any person, corporation, or any officer or employee of a corporation, or member or employee of any partnership, who, with intent to evade any of the requirements of this chapter or any lawful requirements of the secretary of revenue pursuant to this chapter, makes a false or fraudulent return or statement or supplies false or fraudulent information is guilty of a Class 1 misdemeanor. In addition, the person, corporation, officer, employee, or member is liable for a civil penalty of not more than five thousand dollars, to be recovered by the attorney general, in the name of the state. The civil penalty is in addition to all other penalties in this chapter.
Source:
SDC 1939, §57.9922; SL 1982, ch 86, §31; SL 2003, ch 272 (Ex. Ord. 03-1), §82; SL 2008, ch 37, §104; SL 2011, ch 1 (Ex. Ord. 11-1), §161, eff. Apr. 12, 2011.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-50.1 - Supplementary return required for taxable income increase due to federal adjustment--Payment of additional tax and interest.

10-43-50.1. Supplementary return required for taxable income increase due to federal adjustment--Payment of additional tax and interest.
A taxpayer who has filed a return with the department for a specific tax year and subsequently has a change or correction to the taxpayer's net income, as a result of audit or adjustment by the United States, that increases the taxpayer's taxable income in this state, shall report the change or correction in writing to the secretary. The report shall be in the form of a supplementary return and shall be filed within one hundred twenty days of the final adjustment by the United States. Any additional tax due and applicable interest shall be paid at the time of filing the supplementary return. The provisions of this section apply notwithstanding the limitation period for collection of taxes provided under §10-59-16.
Source:
SL 2016, ch 63, §1.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-50.2 - Supplementary return for taxable income decrease due to federal adjustment--Refund for overpayment.

10-43-50.2. Supplementary return for taxable income decrease due to federal adjustment--Refund for overpayment.
A taxpayer who has filed a return with the department for a specific tax year and subsequently has a change or correction to the taxpayer's net income, as a result of audit or adjustment by the United States, that decreases the taxpayer's taxable income in this state, may report the change or correction in writing to the secretary. The report shall be in the form of a supplementary return and shall be filed within one hundred twenty days of the final adjustment by the United States. Any refund for overpayment of tax, penalty, or interest shall be made pursuant to §§10-59-22, 10-59-22.1, 10-59-23, and 10-59-24. The provisions of this section apply notwithstanding §§10-59-17 and 10-59-19.
No court has jurisdiction of a suit to recover the taxes, penalties, or interest unless the taxpayer seeking the recovery of the tax complies with the provisions of this section.
Source:
SL 2016, ch 63, §2.
2023 South Dakota Codified Laws › Title 10 - Taxation › Chapter 43 - Income Tax On Banks And Financial Corporations › Section 10-43-50.3 - Failure to file supplementary return--Secretary's determination of additional tax--Interest and penalties.

10-43-50.3. Failure to file supplementary return--Secretary's determination of additional tax--Interest and penalties.
If a taxpayer fails to file a supplementary return as required by §10-43-50.1, the secretary may determine the amount of additional tax due, if any, based on information available to the secretary. The secretary's determination of additional tax due, together with interest and penalty as provided in §10-59-6, shall be made within six years after the time the supplementary return was due.
The secretary may also impose a penalty of five thousand dollars or ten percent of the additional tax due, whichever is greater, for failure to timely file a supplementary return and pay any additional tax and applicable interest as required by §10-43-50.1. This penalty is in addition to all other penalties provided by law and shall be deposited in the state general fund.
Source:
SL 2016, ch 63, §3.