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TAXES

The proposal would save homeowners an estimated $350 per year on the local school's portion of property tax. The loss to schools would then be buttressed by the state.
“As inflation continues, it’s causing more and more cuts at the local level," Sen. Al Novstrup, a Republican from Aberdeen, said.
Taxes, cannabis and legislative minutiae. Here is some of what you may have missed during the second week of session in Pierre.
While South Dakota will avoid the worst of an expected nationwide recession, slowing sales tax growth and a potential tax cut could make the annual budget surplus nearly disappear by 2026.

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Details previously released by the panel showed Trump paid no income tax in 2020, his final full year in office, despite millions of dollars in earnings from his sprawling business empire.
Trump refused to make his tax returns public during his two presidential bids and his campaign for office, even though all other major-party presidential candidates have done so for decades.
Most lawmakers agree with Gov. Kristi Noem on her contention that record — and growing — surpluses allow the state to give dollars back to taxpayers. Exactly how to do that is up for debate.
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Although Mitchell's sales tax increases are perplexing as the nation saw inflation rise as high as 9.1% this year - a jump that hasn’t been seen since 1981 - City Administrator Stephanie Ellwein said the city’s ability to collect remote sellers tax has been pivotal for Mitchell.
“I fear – and I’ll fight it as long as I can – personal income tax and corporate tax like many of our other states have. You start cutting your primary sources of revenue, you have to replace it,” Dist. 20 Rep. Lance Koth said during a meeting held in Mitchell.
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“When these four TIFs dissolved due to all of the associated costs being paid off, that’s all shown as new growth. Because of these TIFs, it’s brought a huge amount of assessed value to the city,” City Administrator Stephanie Ellwein said.

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Tax cut would be largest in South Dakota history, governor says
To get a clearer understanding of how the latest property valuations have increased the downtown BID tax amounts, the Midtown Plaza building along Fourth Avenue and Navin apartments, are both facing a $3,000 special assessment tax for 2023.
To supplement their time away from their full-time jobs, legislators are paid for each legislative day they work. Assuming all 105 lawmakers attend, special sessions cost taxpayers $47,072.55 per day.

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