POPULATION: 844,877 (2013)
LABOR FORCE: 448,360 (2013)
RIGHT TO WORK: Yes
TRADITIONAL INDUSTRIES:Agriculture, manufacturing
EXPANDING INDUSTRIES: Advanced manufacturing; bioscience; financial services; oil and gas; professional business services; value-added ag; shooting, hunting, and outdoors
COLLEGE GRADUATES: (Age 25 and over - 2013) 26.3%
BASIC BUSINESS TAXES:
Corporate Income Tax: None Bank and Financial Corporation Excise Tax: Varies from 0.25 to 6 percent depending on net income
Retail Occupational Sales and Use Tax: 4 percent on retail sales of tangible personal property and certain services; cities may option a local sales tax of up to 2 percent on the gross receipts of all sales
Contractors' Excise Tax: 2 percent tax imposed on the gross receipts of contractors who are engaged in construction services or realty improvements in South Dakota
Property Tax: Local real property taxes vary from 1 percent to 3 percent of the taxable value of the structure; no personal property tax and no business inventory tax
BUSINESS INCENTIVES:
REDI Fund (low-interest loans, typically 2 percent)
S.D. Economic Development Finance Authority (pooled bond program)
Industrial Revenue Bonds
Workforce Development Training Grants
Statewide CDC (SBA 504 Loan Program)
MicroLOAN South Dakota/MicroLOAN Express (low-interest loans for small companies)
South Dakota WORKS (working capital loans)
Economic Development Partnership Fund
Reinvestment Payment Fund
Local Infrastructure Improvement Grant Fund
SD Jobs Grant Program (grant)
Source: South Dakota Dept of Labor, Labor Market Information Center, Covered Workers Annual Information (from QCEW program) for 2013.
