Taxes on Business Income in South Dakota

April 13, 2006

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As in every other state, the state of South Dakota has various types of taxes. All of these types of tax are full of exceptions and extremely specific requirements. Below we have gone through the major types of tax that affect small businesses. Our intent is to give you a general understanding of when the various taxes will apply to you and what they will mean to your business.

Franchise tax is required from most corporations doing business in South Dakota.
Income tax on business income computed based upon corporate taxable net income is required for banks in South Dakota.
Personal income tax, based on an individual's income, is not imposed in South Dakota.