When the state of South Dakota added up the numbers at the end of the fiscal year on June 30th, most categories showed healthy growth. One big exception was the bank franchise tax. That dropped about thirty nine percent last year, and that came after a forty one percent drop the year before. Total bank taxes collected was just under eleven million dollars; they totaled about thirty million dollars in fiscal 2012.
Curt Everson, President of the South Dakota Bankers Association, says most of the loss came from accounting changes in one large bank…
Everson says most banks in the state are doing quite well…
Everson says they are always concerned that legislators may decide to change the bank franchise laws because of the losses…
