South Dakota Codified Laws
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.

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Structure South Dakota Codified Laws

South Dakota Codified Laws

Title 10 - Taxation

Chapter 43 - Income Tax On Banks And Financial Corporations

Section 10-43-1 - Definition of terms.

Section 10-43-2 - Tax imposed on financial institutions.

Section 10-43-4 - Time of liability for tax--Rate of tax--Minimum.

Section 10-43-5 - Income tax in lieu of other taxes.

Section 10-43-10.1 - Net income defined.

Section 10-43-10.2 - Additions to taxable income.

Section 10-43-10.3 - Subtractions from taxable income.

Section 10-43-10.4 - Carryback of net operating losses not deductible.

Section 10-43-10.5 - Carryforward of net operating losses deductible.

Section 10-43-22.1 - Tax limited to income from business within state--Formula for net income apportionment.

Section 10-43-23.1 - Property factor.

Section 10-43-23.2 - Valuation of property owned or rented--Net annual rental rate.

Section 10-43-23.3 - Average value determination.

Section 10-43-24.1 - Payroll factor.

Section 10-43-24.2 - Compensation paid in state.

Section 10-43-25.1 - Receipts factor.

Section 10-43-25.2 - Interest, fees, and penalties in nature of interest, discount, and net gain from loans included in numerator.

Section 10-43-25.3 - Fees, commissions, service charges, and other receipts included in numerator.

Section 10-43-25.4 - Rental property receipts included in numerator.

Section 10-43-25.5 - Interest, dividends, and net gains from securities transactions included in numerator.

Section 10-43-25.6 - Receipts from securities used to maintain reserves against deposits included in numerator.

Section 10-43-25.7 - Receipts from securities held or pledged for public or trust funds included in numerator.

Section 10-43-25.8 - Affiliated service income included in numerator.

Section 10-43-25.9 - Affiliated service income defined.

Section 10-43-29.1 - Alternative apportionment methods.

Section 10-43-30 - Time for filing annual return and paying tax--Penalty and interest for delinquency.

Section 10-43-30.1 - Extension of time to file return_Conditions--Interest.

Section 10-43-34 - Final return on dissolution.

Section 10-43-36 - Consolidated report of related corporations.

Section 10-43-42.1 - Administration of chapter by secretary of revenue--Promulgation of rules.

Section 10-43-43.1 - Records kept by taxpayers--Inspection by secretary--Out-of-state records.

Section 10-43-46 - False or fraudulent return or information with intent to evade legal requirements as misdemeanor--Civil penalty.

Section 10-43-50.1 - Supplementary return required for taxable income increase due to federal adjustment--Payment of additional tax and interest.

Section 10-43-50.2 - Supplementary return for taxable income decrease due to federal adjustment--Refund for overpayment.

Section 10-43-50.3 - Failure to file supplementary return--Secretary's determination of additional tax--Interest and penalties.

Section 10-43-73 - Tax payment as condition precedent to doing business--Injunction against continuation in business by delinquent taxpayer.

Section 10-43-76 - Percentage of proceeds retained by state--Payment of remainder to counties--Branch office remittances kept separate.

Section 10-43-77 - Apportionment of funds among taxing subdivisions.

Section 10-43-88 - Financial institution authorized to engage in trust business.

Section 10-43-89 - Tax on financial institutions engaging in trust business.

Section 10-43-90 - Determining minimum tax imposed upon financial institutions engaged in the trust business.

Section 10-43-91 - Tax on trustee of extended term trust.

Section 10-43-92 - Extended term trust defined.

Section 10-43-94 - Entities exempt from payment of tax.