There is a newer version of the South Dakota Codified Laws
2011 South Dakota Code
Title 10 TAXATION
Chapter 43. Income Tax On Banks And Financial Corporations
§10-43-75.1 Deposit by financial institution to be applied toward future tax liability--Remission to county--Record--Interest--Refund.
SD Codified L § 10-43-75.1 (through 2011) What's This?
10-43-75.1. Deposit by financial institution to be applied toward future tax liability--Remission to county--Record--Interest--Refund. A financial institution may deposit with the secretary of revenue an amount determined by the financial institution to be applied toward the future tax liability of the financial institution under this chapter to the extent of the share of the tax the state would be required to remit to the county. The secretary of revenue shall remit, as provided in § 10-43-76, the amount of the deposit to the county or counties where the financial institution does business. The secretary of revenue shall record any deposit received pursuant to this section as a credit toward the future tax liability of the financial institution. No interest may accrue on any deposit received pursuant to this section.
If any amount deposited pursuant to this section is not applied to the financial institution's tax liability under this chapter within ten years of the date of deposit, the secretary of revenue shall refund the amount of any remaining deposit to the financial institution.
Source: SL 2005, ch 68, § 2; SL 2011, ch 1 (Ex. Ord. 11-1), § 161, eff. Apr. 12, 2011.
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