Repeal of Income Modifications for Bank Franchise Tax on Bad Debts
This proposed bill would repeal certain income modifications related to bad debts under the bank franchise tax in South Dakota. Before this change, banks could adjust their taxable income based on specific provisions regarding bad debts. If enacted, this change would remove those adjustments, potentially affecting how much tax banks owe. The exact impact will depend on each bank's financial situation and the specifics of their bad debt provisions. Since the effective date is not specified, it is unclear when these changes would take effect if the bill becomes law.
Banks could adjust their taxable income for bank franchise tax purposes based on specific provisions related to bad debts.
This proposed bill would repeal certain income modifications related to bad debts under the bank franchise tax in South Dakota. Before this change, banks could adjust their taxable income based on specific provisions regarding bad debts. If enacted, this change would remove those adjustments, potentially affecting how much tax banks owe. The exact impact will depend on each bank's financial situation and the specifics of their bad debt provisions. Since the effective date is not specified, it is unclear when these changes would take effect if the bill becomes law.