Printer FriendlySB 56 define a credit card bank and to revise certain provisions regar...
ENTITLED, An Act to define a credit card bank and to revise certain provisions regarding the
distribution of the bank franchise tax.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 10-43-1 be amended by adding thereto a NEW SUBDIVISION to read as
"Credit card bank," any financial institution that is subject to the tax imposed by this chapter that:
(a) Derives the majority of its income apportioned to this state from the use of credit
cards, including income derived from fees, transactional costs, interest, and
penalties, and also has total assets over ten billion dollars; or
(b) Was subject to the tax imposed by this chapter before July 1, 2013, and ninety-five
percent of its tax receipts were historically distributed to the state general fund
pursuant to § 10-43-76 before July 1, 2013.
Section 2. That § 10-43-76 be amended to read as follows:
10-43-76. Upon the receipt of the funds referred to in this chapter, the secretary of revenue shall
deposit ninety-five percent of the taxes paid by credit card banks and twenty-six and two-thirds
percent of all other revenue to the general fund. The secretary of revenue shall remit the remainder,
on or before February first of each year, to the county treasurer of the county wherein is situated the
bank or financial institution remitting the tax. However, the remittance of tax from all branch banks,
branch offices, or branches of other financial institutions subject to this tax shall be separated from
the remittance of the parent bank or financial institution and shall be remitted to the county treasurer
of the county in which the branch bank, branch office, or financial institution is located.
An Act to define a credit card bank and to revise certain provisions regarding the distribution of the
bank franchise tax.
I certify that the attached Act
originated in the
SENATE as Bill No. 56
Secretary of the Senate
President of the Senate
Secretary of the Senate
Speaker of the House
Senate Bill No. 56
File No. ____
Chapter No. ______
Received at this Executive Office
this _____ day of _____________ ,
20____ at ____________ M.
for the Governor
The attached Act is hereby
approved this ________ day of
______________ , A.D., 20___
STATE OF SOUTH DAKOTA,
Office of the Secretary of State
Filed ____________ , 20___
at _________ o'clock __ M.
Secretary of State
Asst. Secretary of State