South Dakota Tax Reduction (1992)
Had it passed, it would have:
- Established a state income tax.
- Prohibited a state sales tax.
- Would have allowed local municipalities to levy a sales tax.
- Created a property tax credit.
Text of measure
The initiated measure would establish an income tax, based on federal tax returns, on every resident or non-resident individual, estate, or trust in South Dakota. It would also enact a tax on the net income of every corporation doing business in the state, except mining, banks, and insurance corporations. The tax would be collected by the state Department of Revenue.
After administration costs for collecting the tax are deducted, 15% of the revenue generated from the tax would go into the state general fund. An amount equal to 20% of the 1994 property taxes would go to counties for the purpose of a property tax credit toward the taxpayer's annual property tax share. The remainder of the tax would be distributed to schools in the state.
The measure would prohibit state taxes on the sale or use of groceries, clothing, and utilities in the state, but would allow municipalities to tax those items.
- 1992 South Dakota ballot measure election results
- Text of 1992 South Dakota ballot measures
- I&R Institute ballot measure database for South Dakota
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