South Dakota banks currently get to reduce their franchise tax by deducting bad debts and crediting back amounts they recover from those debts; this bill eliminates those deductions and credits. Going forward, banks will no longer be able to modify their taxable income based on bad debt write-offs or recoveries when calculating what they owe in franchise taxes.
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Signed by the Governor S.J. 266
Delivered to the Governor S.J. 221
Signed by the Speaker H.J. 251
Signed by the President S.J. 203
House of Representatives Do Pass Passed, YEAS 69, NAYS 0. H.J. 223
Taxation Certified uncontested, placed on consent
Taxation Do Pass Passed, YEAS 12, NAYS 0.
Taxation Scheduled for hearing
First read in House and referred to House Taxation H.J. 114
Senate Do Pass Passed, YEAS 33, NAYS 0. S.J. 75
Taxation Certified uncontested, placed on consent S.J. 1
Taxation Do Pass Passed, YEAS 5, NAYS 0. S.J. 1
Taxation Scheduled for hearing
First read in Senate and referred to Senate Taxation S.J. 17
Taxation
Prime sponsor · Sen
Do Pass
Do Pass
Do Pass
Do Pass
Do Pass