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$18 million tax cut bill for South Dakota businesses to go into effect January 1 | News

PIERRE, S.D. – A bill passed in the legislature last session to cut unemployment insurance employer contributions by 0.5% – HB 1011 – goes into effect on January 1, 2024.

Lawmakers say this bill will deliver an $18 million tax cut for South Dakota businesses, with Gov. Kristi Noem attributing the cut to a strong economy and unemployment reserves.

“The first bill I signed last legislative session delivered a massive tax cut to South Dakota businesses,” said Gov. Noem. “Our unemployment reserves are strong, our economy is continuing to thrive, and more businesses are moving to our state. Now, our hardworking business owners will get to keep more of their hard-earned dollars.”

South Dakota was the only state to reject additional elevated…

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