Form 2147 - South Dakota Franchise Tax On Financial Institutions Page 5

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Tax Rate Schedule
If amount assigned is:
Over
But Not Over
Tax due is
Of the Amount Over
-0-
400,000,000
6%
-0-
400,000,000
425,000,000
5%
400,000,000
425,000,000
450,000,000
4%
425,000,000
450,000,000
475,000,000
3%
450,000,000
475,000,000
500,000,000
2%
475,000,000
500,000,000
600,000,000
1%
500,000,000
600,000,000
1.2 Billion
1/2%
600,000,000
1.2 Billion
1/4%
1.2 Billion
Apportionment Schedule Instructions
Non-apportionable Income
1.
NET RENTAL RECEIPTS - LINE 1. Net rental receipts from the rental of real or tangible personal property shall be attributed to this state if
the property is principally located in South Dakota. Attach schedules showing gross rents less related expenses for such property.
2.
RECEIPTS FROM TRANSACTIONS IN SECURITIES - LINE 2. (a) Interest, dividends, and net gains for transactions in securities, including
stocks, bonds, and all other money market instruments, are attributed to this state if the financial institution’s principal place of business is in
South Dakota except that: (b) Receipts from securities owned by a financial institution but held or pledged to secure public or trust funds shall
be attributed to this state if the financial institution’s office where the deposits are maintained is in South Dakota; (c) Receipts from securities
used to maintain reserves against deposits to meet federal and state reserve requirements shall be attributed to this state based on the ratio that
the deposits in South Dakota bear to total deposits in all of the states of the United States, District of Colombia and any territory or subdivision
thereof.
Apportionment Ratio
Financial institutions engaged in business within and without this state shall be taxed only on such income as is properly apportioned to this state.
All net income shall be apportioned to this state by multiplying the net income by a fraction, the numerator of which is the property factor, plus the
payroll factor, plus the receipts factor, the denominator of which is three.
1.
PROPERTY FACTOR - LINES 4 AND 5. The property factor is a fraction, the numerator of which is the average value of the financial
institution’s real and tangible personal property owned or rented and used in this state during the tax period and the denominator of which is the
average value of all the financial institution’s real and tangible personal property owned or rented and used during the tax period in all the states
of the United States, the District of Columbia and any territory or political subdivision thereof. Property owned by the financial institution is
valued at its original cost. Property rented by the financial institution is valued at eight times the net annual rental rate. Net annul rental rate is
the annual rental rate paid by the taxpayer less any annual rental income received by the financial institution from subleases. The average value
of property shall be determined by averaging the values at the beginning and ending of the tax period if reasonably required to reflect properly
the average value of the financial institution’s property.
2.
THE PAYROLL FACTOR - LINE 6. The payroll factor is a fraction, the numerator of which is the total amount paid in this state during the tax
period by the financial institution for compensation, and the denominator of which is the total compensation paid in all states of the United
States, the District of Columbia and any territory or political subdivision thereof during the tax period. Compensation is paid in this state if the
individual’s service is performed entirely within this state; or the individual’s service is performed both within and without the state, but the
service performed without the state is incidental to the individual’s service within the state; or some of the service is performed in the state and;
(a) the base of operations, or if there is not a base of operations, the place from which the service is directed or controlled, is in this state; or (b)
the base of operations or place from which the service is directed or controlled is not in any state in which some part of the service is performed,
but the individual’s residence is in this state.
3.
THE RECEIPTS FACTOR - LINE 7. The receipt factor is a fraction, the numerator of which is the total receipts of the financial institution in
the state during the tax period, and the denominator of which is the total receipts of the financial institution in all the states of the United States,
the District of Columbia and all territories and political subdivisions thereof. Interest, discount and net gain from loans, including federal funds
sold and acceptance, and other installment obligations shall be included in the numerator if; (a) the loan was applied for by the borrower at an
office of the financial institution, located in South Dakota; or (b) the loan was purchased or involved in participation or other pooling arrange-
ment, and the office of the financial institution which made the purchase or entered into the participation is in South Dakota; or (c) the loan was
solicited by an employee of the financial institution, and such employee is located in South Dakota. Fees, commissions, service charges and
other receipts from the rendering of financial or fiduciary services shall be included in the numerator if the service is principally performed in
South Dakota.
5

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