Statutes, codes, and regulations
South Dakota Codified Laws
Title 10 - TAXATION
Chapter 43 - INCOME TAX ON BANKS AND FINANCIAL CORPORATIONS
Section 10-43-10.1 - Net income defined

S.D. Codified Laws § 10-43-10.1

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Current through the 2024 Legislative Session
Section 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.

SDCL 10-43-10.1

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.
Amended by S.L. 2016, ch. 54,s. 10, eff. 7/1/2016.
Amended by S.L. 2015, ch. 62,s. 9, eff. 7/1/2015.
Amended by S.L. 2014, ch. 54,s. 9, eff. 7/1/2014.