FOR AN ACT ENTITLED, An Act to  revise certain provisions regarding the bank franchise tax.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
     Section 1.  That § 10-43-30 be amended to read as follows:
     10-43-30.   On or before the fifteenth day of January, April, July, and October of each year, any Any person required to file and pay tax pursuant to this chapter and whose tax year ends on December thirty-first liability in the previous year exceeded ten thousand dollars shall file with the Department of Revenue and Regulation a quarterly estimate of the amount of tax due for the current year and make payment of the estimated amount less any tax credit authorized pursuant to §§ 10-43-78 to 10-43-86, inclusive. Any person who is required to file and pay tax pursuant to this chapter and whose tax year ends on a date other than December thirty-first, shall file with the Department of Revenue and Regulation a quarterly estimate of tax due for the current year and make payment of the estimated amount less any tax credit authorized pursuant to §§ 10-43- 78 to 10-43-86, inclusive, on the fifteenth day of the month following the end of the quarter for which the estimate is due . If the tax year of the person ends on December thirty-first, the

estimated amount shall be paid on or before the fifteenth day of January, April, July, and October of each year. If the tax year of the person ends on a date other than December thirty- first, the estimated amount shall be made on or before the fifteenth day of the month following the end of the quarter for which the estimate is due. In determining the amount of each quarterly payment, the taxpayer shall estimate his the taxpayer's total tax liability for the entire tax year and make payment of one-fourth of the estimate less one-fourth of any tax credit for the year authorized pursuant to §§ 10-43-78 to 10-43-86, inclusive .

     Each taxpayer shall file the final return for the tax year within ninety days after the end of the tax year. If fifteen days after the taxpayer's federal income tax return is due. For taxpayers required to make quarterly estimated payments, if the total quarterly estimated payments do not equal ninety percent of the total tax due, then interest, but not penalty, accrues at the rate provided in § 10-59-6 and is applied to the amount by which one-fourth of ninety percent of the total tax due exceeds the amount of any quarterly estimate filed or required to be filed from the time the estimate was due until finally paid. Neither interest nor penalty may be imposed on quarterly estimates if each estimate equaled an amount which would have been required on that date had the estimated tax been based upon the tax shown on the previous year's return.

     Any tax due but not paid on the due date is delinquent and bears penalty and interest as provided in § 10-59-6.
     Section 2.  That § 10-43-30.1 be amended to read as follows:
     10-43-30.1.   Any taxpayer may file for shall receive an extension of time to file the return required by this chapter to a day not later than six months from the day the return was originally due, if the taxpayer has made a reasonable estimate of the amount of tax due and has paid that amount with or prior to the request for extension of time to file. The taxpayer shall also have filed for and received an extension of time to file his federal corporate tax return :

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             (3)    Makes a reasonable estimate of the amount of tax due and pays that amount with or prior to the request for extension of time to file .

     If the time for filing the return is extended at the request of the taxpayer, interest, but not penalty, shall be added at the same rate as provided for in § 10-59-6 from the time the payments were originally due until the taxes are paid.