AN ACT
ENTITLED, An Act to
revise certain dates pertaining to references to the Internal Revenue Code.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 10-43-10.1 be amended to read as follows:
10-43-10.1. Net income, in the case of a financial institution, is taxable income as defined in the Internal Revenue Code, as amended, and in effect on January 1, 2002, 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), as amended, and in effect on January 1, 1997, 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.
Section 2. That subdivision (6) of § 10-18A-1 be amended to read as follows:
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 10-43-10.1 be amended to read as follows:
10-43-10.1. Net income, in the case of a financial institution, is taxable income as defined in the Internal Revenue Code, as amended, and in effect on January 1, 2002, 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), as amended, and in effect on January 1, 1997, 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.
Section 2. That subdivision (6) of § 10-18A-1 be amended to read as follows:
(6)
"Income," the sum of adjusted gross income as defined in the United States Internal
Revenue Code, as amended, and in effect on January 1, 2002, and all nontaxable income,
including but not limited to the amount of capital gains excluded from adjusted gross
income, alimony, support money, nontaxable strike benefits, cash public assistance and
relief, not including relief granted under this chapter, the gross amount of any pension or
annuity, including Railroad Retirement Act benefits and veterans' disability pensions, all
payments received under the federal social security and state unemployment insurance
laws, nontaxable interest received from the federal government or any of its
instrumentalities, workers' compensation, and the gross amount of loss of time insurance,
but not including gifts from nongovernmental sources, food stamps, or surplus foods, or
other relief in kind provided by a public agency less real estate taxes payable on the
applicant's principal residence for the year in which application is made. However, the
reduction in the applicant's income for real estate taxes payable may not exceed four
hundred dollars;
Section
3.
That subdivision (5) of
§
10-45A-1
be amended to read as follows:
(5)
"Income," the sum of adjusted gross income as defined in the United States Internal
Revenue Code, as amended, and in effect on January 1, 2002, and all nontaxable income,
including but not limited to the amount of capital gains excluded from adjusted gross
income, alimony, support money, nontaxable strike benefits, cash public assistance and
relief, not including relief granted under this chapter, the gross amount of any pension or
annuity, including Railroad Retirement Act benefits and veterans' disability pensions, all
payments received under the federal social security and state unemployment insurance
laws, nontaxable interest received from the federal government or any of its
instrumentalities, workers' compensation, and the gross amount of loss of time insurance,
but not including gifts from nongovernmental sources, food stamps, or surplus foods, or
other relief in kind provided by a public agency, less real estate taxes payable or ten
percent of rent paid on the applicant's principal residence for the year in which application
is made. However, the reduction in the individual's income may not exceed four hundred
dollars;
Section
4.
That subdivision (7) of
§
10-40A-1
be amended to read as follows:
(7)
"Internal Revenue Code," the federal Internal Revenue Code, as amended, and in effect
on January 1, 2002;
An Act to revise certain dates pertaining to references to the Internal Revenue Code.
|
I certify that the attached Act originated in the
HOUSE as
Bill
No.
1036
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____________________________
Chief Clerk
Chief Clerk
____________________________
Speaker of the House
Speaker of the House
Attest:
____________________________
Chief Clerk
Chief Clerk
____________________________
President of the Senate
Attest:
____________________________
Secretary of the Senate
Secretary of the Senate
House
Bill
No.
1036
File No. ____
Chapter No. ______=========================
Received at this Executive Office this _____ day of _____________ ,
File No. ____
Chapter No. ______
Received at this Executive Office this _____ day of _____________ ,
20____ at ____________ M.
By _________________________
for the Governor
for the Governor
The attached Act is hereby
approved this ________ day of
______________ , A.D., 20___
____________________________
Governor
Governor
STATE OF SOUTH DAKOTA,
ss.
Office of the Secretary of State
Filed ____________ , 20___
at _________ o'clock __ M.
____________________________
Secretary of State
Secretary of State
By _________________________
Asst. Secretary of State
