Dividends received from other financial institutions which are subject to the South Dakota tax on financial institutions shall be subtracted from net income, provided such dividends were not excluded in determining federal taxable income.

Source: 4 SDR 35, effective December 22, 1977; 13 SDR 129, 13 SDR 134, effective July 1, 1987.

General Authority: SDCL 10-43-42.1.

Law Implemented: SDCL 10-43-10.3.