On page
1
,
after line
11 of the Senate Taxation committee engrossed bill
,
insert:
"
Section 2. That
§
10-40-2 be amended by adding thereto a NEW SUBDIVISION to read as
follows:
Intangible personal property owned by a nonresident of South Dakota is not subject to the
tax imposed by this section. Intangible personal property held by a revocable or irrevocable trust,
which property was transferred to the trust by a decedent who was a nonresident of South
Dakota both at the time that such property was transferred to the trust and at the time of death
is not subject to the tax imposed by this section. Nothing contained in this subdivision may be
construed to alter or affect existing laws concerning transfers by residents of South Dakota.
"