Search Bills

repeal income modifications for the bank franchise tax pertaining to bad debts.

This bill removes a tax break that allowed banks to deduct bad debts when calculating their state franchise tax. Under current law, banks can reduce their taxable income by claiming bad debt deductions, but this bill eliminates that modification so banks must pay franchise tax on their full income without that deduction.

urging Congress to repeal the estate tax.

South Dakota's legislature is asking Congress to eliminate the federal estate tax, which is a tax on money and property people leave behind when they die. The resolution emphasizes that this tax is particularly burdensome for farm and ranch families who have assets in land and equipment rather than cash, sometimes forcing them to sell operations to pay the tax.