HB1126 -
Exempt certain entities from provisions related to money lending license
This bill was first read in House on 1/27/2016 and referred to House Commerce and Energy.
HB1126 is at the request of private equity groups. If passed the bill will exempt them from needing to obtain a money lending license for activities related to lending.
The specific exemptions within the bill are:
- Any entity which has made or acquired no more than 10 loans to other entities within any calendar year.
- Any entity that purchases and services commercial loans acquired for investment purposes. In addition, the bill would exempt "any nonresidential real estate mortgage licensee" from licensure under South Dakota's mortgage lending licensing statutes.
If this bill passes, the firms would be exempt from franchise tax on income from lending activities.
Historically, community bankers have not been in favor of any other entity engaged in banking activities and not having to comply with the same taxes and regulations.
The ICBSD Board of Directors voted at the February 9
th board meeting to opposed this legislation.
Referred to House Commerce Committee, scheduled for hearing 2/17/16. (Members-Beal, Harrision, Hawley, Kirschman, A. Novstrup, Rounds- chair, Schoenbeck- vice chair, Stalzer, Steinhauer, Wiik, Willadsen, Wollman, Zikmund)
This bill would reduce the penalty for unauthorized credit card use from a Class 6 felony to a class 1 misdemeanor if the theft is less than $1,000.
The House Judiciary committee deferred the bill to the 41st day on an 8-2 vote.
SB52 -
Establish procedures for reporting federal tax changes for purposes of bank franchise tax
Proposes to clarify the filing process for banks in the event the taxes due the state of SD increase or decrease as a result of an audit or adjustment of federal taxable income by the IRS.
Bill passed out of committee and has been placed on the Senate consent calendar where it passed. The bill has now been referred to House Taxation.
SB53 -
Revise certain provisions concerning the bank franchise tax
This bill proposes technical changes to the bank franchise law.
Passed out of Committee on a 7-0 vote. Amendments passed by a slim margin of 4-3 the amendments offered a few changes to the bill, the mandatory electronic filing provision was removed as well as the Department of Revenues repeal of graduated rates on income above $400 million. The Senate passed as amended 34-0.
The bill has been assigned to the House Taxation Committee.
SB54 -
Adopt Elder Abuse Task Forces statutory recommendations
Collaborative effort led by the Supreme Court Justices, Supporters included the Governor's Office, Attorney General's Office, State Bar, AARP, SD Health Care Alliance, and Family Heritage Alliance.
Scheduled for hearing by the Senate Judiciary Committee passed 6-0, the full Senate passed 35-0 and
The bill has not been assigned to the House Judiciary Committee.
SB57 -
Redefine the term written agreement relating to contracts between a debtor and creditor
Codifies current industry practice recognizing electronic signatures on contracts.
The bill passed the Senate without opposition and is now assigned to the House Commerce Committee.
IBC will continue to monitor the bill and the Governor's Task Force.
HB 1039 passed the House of Representatives unopposed and was referred to Senate State Affairs where it also passed unopposed and was places on the consent calendar. The bill has been signed by both the Speaker and President of the respective chambers.
This is an annual bill used to update South Dakota tax code, it passed both chambers with no dissenting votes and has been signed by the Speaker, the President and delivered to the Governor.
HB1086 -
Create a leased residential property classification
Creates a new category of property tax for assessment purposes by differentiating multi-housing from commercial property.
House Taxation passed 12-3 amended.
The full House did not pass the bill 28-39 and also failed to reconsider.
|