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State of South Dakota  
SEVENTY-SIXTH SESSION
LEGISLATIVE ASSEMBLY,  2001
 

438E0454  
HOUSE JOINT RESOLUTION   NO.     1005  

        Introduced by: Representatives Lange, Burg, Hargens, Hundstad, Kloucek, Kooistra, Nachtigal, Sigdestad, and Van Norman and Senators Reedy, Apa, Hutmacher, and Koetzle  


         A JOINT RESOLUTION,  Proposing and submitting to the electors at the next general election a new section to Article XI of the Constitution of the State of South Dakota, relating to the imposition of a corporate income tax.
BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE STATE OF SOUTH DAKOTA, THE SENATE CONCURRING THEREIN:
     Section  1.  That at the next general election held in the state, the following amendment to Article XI of the Constitution of the State of South Dakota, as set forth in section 2 of this Joint Resolution, which is hereby agreed to, shall be submitted to the electors of the state for approval.
     Section  2.  That Article XI of the Constitution of the State of South Dakota be amended by adding thereto a NEW SECTION to read as follows:
     §  15. The Legislature shall impose a corporate income tax. The revenue and interest generated by such tax, less the cost of administration, is dedicated to provide increased funding for certain programs. Fifty percent of the funds shall be dedicated to elementary, secondary, and post-secondary education, including scholarship programs. Twenty-five percent of the funds shall

be dedicated to the political subdivisions of this state. Twenty-five percent of the funds shall be dedicated to reducing or replacing taxation on agriculture. The rate of taxation imposed on corporate income may not exceed six percent of the federal taxable income.