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Taxes on Business Income in South Dakota

Filed under State Taxes. Fact checked on February 13, 2013.

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South Dakota is an extremely tax-friendly state. Only banks and financial institutions are subject to corporate income tax. And, there is no personal income tax.

The state of South Dakota does not have a general corporate income tax. The only corporations that are subject to income taxes are banks and financial institutions. The rates range from 6 percent on net income less than $400 million to 0.25 percent on income greater than $1.2 billion. The minimum tax is $200 per business location.

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