PIERRE, S.D. (AP) - Gov. Dennis Daugaard says South Dakota needs to revamp its bank franchise tax to reflect the complexity of modern banking operations.
In his State of the State speech to kick off the 2014 session of the South Dakota Legislature, Daugaard says the laws need to be changed to calculate taxes paid by nine large banks that do business on a national or international level. He says the changes won't change the tax paid by community banks.
He says changes that apply to larger interstate banks are needed to maintain South Dakota's tax revenues, but not to increase those tax collections.
The governor also South Dakota's laws governing the regulation of insurance companies should be updated to improve protection of consumers.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)