AN ACT
ENTITLED, An Act to establish procedures for reporting federal tax changes for purposes of the
bank franchise tax.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That chapter 10-43 be amended by adding a NEW SECTION to read:
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That chapter 10-43 be amended by adding a NEW SECTION to read:
A taxpayer who has filed a return with the department for a specific tax year and subsequently
has a change or correction to the taxpayer's net income, as a result of audit or adjustment by the
United States, that increases the taxpayer's taxable income in this state, shall report the change or
correction in writing to the secretary. The report shall be in the form of a supplementary return and
shall be filed within one hundred twenty days of the final adjustment by the United States. Any
additional tax due and applicable interest shall be paid at the time of filing the supplementary return.
The provisions of this section apply notwithstanding the limitation period for collection of taxes
provided under § 10-59-16.
Section 2. That chapter 10-43 be amended by adding a NEW SECTION to read:
Section 2. That chapter 10-43 be amended by adding a NEW SECTION to read:
A taxpayer who has filed a return with the department for a specific tax year and subsequently
has a change or correction to the taxpayer's net income, as a result of audit or adjustment by the
United States, that decreases the taxpayer's taxable income in this state, may report the change or
correction in writing to the secretary. The report shall be in the form of a supplementary return and
shall be filed within one hundred twenty days of the final adjustment by the United States. Any
refund for overpayment of tax, penalty, or interest shall be made pursuant to §§ 10-59-22, 10-59-22.1, 10-59-23, and 10-59-24. The provisions of this section apply notwithstanding §§ 10-59-17 and
10-59-19.
No court has jurisdiction of a suit to recover the taxes, penalties, or interest unless the taxpayer
seeking the recovery of the tax complies with the provisions of this section.
Section 3. That chapter 10-43 be amended by adding a NEW SECTION to read:
Section 3. That chapter 10-43 be amended by adding a NEW SECTION to read:
If a taxpayer fails to file a supplementary return as required by section 1 of this Act, the secretary
may determine the amount of additional tax due, if any, based on information available to the
secretary. The secretary's determination of additional tax due, together with interest and penalty as
provided in § 10-59-6, shall be made within six years after the time the supplementary return was
due.
The secretary may also impose a penalty of five thousand dollars or ten percent of the additional
tax due, whichever is greater, for failure to timely file a supplementary return and pay any additional
tax and applicable interest as required by section 1 of this Act. This penalty is in addition to all other
penalties provided by law and shall be deposited in the state general fund.
Section 4. That § 10-43-50 be repealed.
Section 5. That § 10-43-51 be repealed.
Section 6. That § 10-43-51.1 be repealed.
Section 7. That § 10-43-55 be repealed.
Section 8. That § 10-43-60 be repealed.
Section 9. That ARSD 64:26:02:05 be repealed.
Section 10. That ARSD 64:26:02:06 be repealed.
Section 11. The provisions of this Act only apply to returns that are related to tax years ending in 2015 or thereafter and filed after December 31, 2015.
An Act to establish procedures for reporting federal tax changes for purposes of the bank franchise tax.
Section 4. That § 10-43-50 be repealed.
Section 5. That § 10-43-51 be repealed.
Section 6. That § 10-43-51.1 be repealed.
Section 7. That § 10-43-55 be repealed.
Section 8. That § 10-43-60 be repealed.
Section 9. That ARSD 64:26:02:05 be repealed.
Section 10. That ARSD 64:26:02:06 be repealed.
Section 11. The provisions of this Act only apply to returns that are related to tax years ending in 2015 or thereafter and filed after December 31, 2015.
An Act to establish procedures for reporting federal tax changes for purposes of the bank franchise tax.
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I certify that the attached Act originated in the
SENATE as Bill No. 52
____________________________
Secretary of the Senate ____________________________
President of the Senate
Attest:
____________________________
Secretary of the Senate
____________________________
Attest:
____________________________
Chief Clerk
Senate Bill No. 52 File No. ____ Chapter No. ______ |
Received at this Executive Office this _____ day of _____________ ,
20____ at ____________ M.
By _________________________
for the Governor
The attached Act is hereby
approved this ________ day of
______________ , A.D., 20___
____________________________
Governor STATE OF SOUTH DAKOTA, ss.
Office of the Secretary of State
Filed ____________ , 20___
____________________________ Secretary of State
By _________________________ |
