SDBA Lobbies for Taxation Equality
Monday, February 10th
Recently, the South Dakota Bankers Association (SDBA) launched a Taxation Equality Awareness Campaign focused on providing general education on the taxation disparities between Banks, Credit Unions and Farm Credit Services.
Banks of course pay federal income tax, South Dakota Bank Franchise Tax and state/local sales tax. The United States Congress, some 80 to 100 years ago, gave Credit Unions full exemption of these taxes and Farm Credit Services is only required to pay a pittance. SDBA believes that all tax payers should be concerned about the mission creep and continued growth in scope of these two tax preferred entities, and the resulting lost tax revenue at the Federal, State and local levels, which includes our local K-12 School Systems.
The time for change is now. To learn more visit the SDBA website.