South Dakota Response to Bonus Depreciation

RIA, 2/18/03:

CORPORATE INCOME TAX— IRC conformity date updated.

L. 2003, H1036, effective 7-1-2003, defines “net income” as taxable income as defined in the Internal Revenue Code, as amended and in effect on January 1, 2003 (formerly, January 1, 2002). In addition, amendments to the Internal Revenue Code made by the federal Job Creation and Workers Assistance Act of 2002 (P.L. 107-147) will apply to returns made pursuant to the income tax on banks and financial corporations (Ch. 10-43) whose original due date for filing is on or after January 1, 2002.