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State of South Dakota  
SEVENTY-SEVENTH SESSION
LEGISLATIVE ASSEMBLY,  2002
 

267H0261  
HOUSE JOINT RESOLUTION   NO.     1006  

        Introduced by: Representatives Kooistra, Begalka, and Lange and Senator McIntyre  



         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:
     §  16. The Legislature shall impose a corporate income tax. The revenue and interest generated by such tax, less the cost of administration, is dedicated to fund property tax relief by reducing the tax levy for the general fund and special education fund of a school district and increasing state aid to education. The rate of taxation imposed on corporate income may not exceed six percent of the federal taxable income. The Legislature shall establish a standard

deduction of fifty thousand dollars for each corporation.