- Associated Press - Tuesday, January 14, 2014

PIERRE, S.D. (AP) - Gov. Dennis Daugaard says South Dakota needs to revamp its bank franchise tax to reflect the complexity of modern banking operations.

In his State of the State speech to kick off the 2014 session of the South Dakota Legislature, Daugaard says the laws need to be changed to calculate taxes paid by nine large banks that do business on a national or international level. He says the changes won’t change the tax paid by community banks.

He says changes that apply to larger interstate banks are needed to maintain South Dakota’s tax revenues, but not to increase those tax collections.

The governor also South Dakota’s laws governing the regulation of insurance companies should be updated to improve protection of consumers.

Copyright © 2019 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide