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State of South Dakota  
EIGHTY-FIRST SESSION
LEGISLATIVE ASSEMBLY,  2006
 

627M0192  
HOUSE JOINT RESOLUTION   NO.     1004  

Introduced by:     Representatives Lange, Bradford, Dennert, Gassman, Haley, Roberts, Sigdestad, Thompson, and Van Norman and Senator Kooistra  



         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 and dedication of the revenue therefrom.
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. However, this section does not apply to any for-profit educational institution or any insurance company subject to a tax on gross premiums or financial institution subject to the bank franchise tax. The revenue and interest generated by the tax, less the cost of administration, is dedicated to provide increased funding for elementary and secondary education through increased state aid to education and increased funding for scholarship programs for postsecondary education. The rate of taxation imposed on corporate income shall be six percent of the federal taxable income.