Tax Structure
South Dakota businesses are not over-burdened with excessive taxes or regulations, and have a competitive edge over their counterparts in other areas of the United States. South Dakota helps businesses keep the money they make so they can continue to invest in their company’s growth.
South Dakota consistently receives high marks from top national ratings groups, due in large part to these competitive advantages:
- No corporate income tax
- No business inventory tax
- No personal income tax
- No personal property tax
- No inheritance tax
- Competitive workers compensation rates
- Low average unemployment insurance rates
- Right-to-Work state
To compare your state, and for more information, visit the South Dakota Governor’s Office of Economic Development website at https://sdgoed.com/tools-resources/50-state-comparison/
Incentives
Incentives are customized according to the needs of each business and are determined by job creation, service creation, revenue generation, and overall economic impact. They can include tax abatements, relocation or workforce training grants, lower interest loans, special lease or construction terms, tax refund credits, venture capital, etc. Bottom line - Rushmore Region Alliance partners have a variety of funding mechanisms in place to meet the specific needs of both new and existing businesses.
Additionally, the South Dakota Governor’s Office of Economic Development offers an array of financing options, such as working capital, workforce training money, and low-interest loans in conjunction with local lenders. Their team of finance professionals share a desire to see your company succeed. For more info, visit https://sdgoed.com/financing-incentives/