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Bank Franchise Tax

Every financial institution regularly engaged in business in South Dakota at any time during the year must file a bank franchise tax return. A financial institution is defined as any banking institution, production credit association, or savings and loan association organized under the laws of the United States and located or doing business in this state.

 

File & Pay Your Return

To file a return and/or make a payment, utilize the online Filing and Payment portal

 

Filing a Federal Income Tax Extension Request

Requests to file a federal extension with the SD Department of Revenue are due to our office on or before the return was originally due. Each taxpayer is required to file their franchise tax return within 15 days after their income tax return is due. To qualify for an extension to file, send the department the following three items on or before the franchise tax return original due date

  • A cover letter requesting an extension;
  • A copy of your Federal Income Tax Extension Request Form; and
  • Pay your estimated tax by the original due date.  The minimum tax is $200 per return. 

Please send a copy of the cover letter and federal extension request to dawn.woods@state.sd.us. Do not send extension requests through our online Filing and Payment portal. This will delay the processing of your request.

Bank Franchise Tax Laws & Regulations

South Dakota banks can find laws and regulations pertaining to the federal tax extensions and bank franchise taxes.

Guidance on Foreign Dividend Recapture

Foreign dividends have been historically excluded from federal taxable income, but recent changes in federal tax law require that they be recaptured.