Corporate Income Tax (Audio)
By Jenifer Jones
The House Taxation Committee killed a measure that allows voters to decide whether South Dakota should broaden the corporate income tax. Had voters approved House Joint Resolution 1002 in the next election, it would impose the tax on all corporations that are making money. Representative Gerald Lange is a sponsor of the resolution. He says the tax is a way of generating income in a tough time. Representative Kristi Noem is against the resolution. She says a corporate income tax would hurt businesses.
"I think people come to South Dakota because we have a favorable tax climate," Noem says. "I think corporations appreciate it. They look to us as a place where they would like to start their businesses. And for this reason I think this bill would be dangerous and especially the method that we'd go about trying to impose such a law in our state."
The committee voted nine to six to move the resolution to the 41st legislative day.
Member stations can download the audio file here.