FOR AN ACT ENTITLED, An Act to  revise the distribution process for the bank franchise tax.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
     Section  1.  That § 10-43-1 be amended by adding thereto a NEW SUBDIVISION to read as follows:

     "Credit card services," all income producing activities of a person subject to the tax provided in this chapter derived from the use of credit cards. These activities include fees, transactional costs, interest, and penalties;
     Section  2.  That § 10-43-76 be amended to read as follows:
     10-43-76.   Upon the receipt of the funds referred to in this chapter, the secretary of revenue and regulation shall deposit ninety-five percent of the taxes paid by banks organized under §§ 51A-2-38 to 51A-2-43, inclusive on net income derived from credit card services , and twenty-six and two-thirds percent of all other revenue to the general fund. The secretary of revenue and regulation shall remit the remainder, on or before February first of each year, to the county treasurer of the county wherein is situated the bank or financial institution remitting the tax. However, the remittance of tax from all branch banks, branch offices, or branches of other

financial institutions subject to this tax shall be separated from the remittance of the parent bank or financial institution and shall be remitted to the county treasurer of the county wherein said the branch bank, branch office, or financial institution is located.