Section 58-25-23 - Reserves restored to net profits over twenty-year period--Amortization rate. - South-dakota Statutes

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58-25-23. Reserves restored to net profits over twenty-year period--Amortization rate. The aggregate of the amounts set aside in this reserve in any calendar year pursuant to § 58-25-22 shall be released from the reserve and restored to net profits over a period of twenty years at an amortization rate not to exceed the following formula: thirty-five percent of the aggregate sum on July first of the year next succeeding the year of addition; fifteen percent of the aggregate sum on July first of each of the succeeding two years; ten percent of the aggregate sum on July first of the next succeeding year; three percent of the aggregate sum on July first of each of the next three succeeding years; two percent of the aggregate sum on July first of each of the next three succeeding years; and one percent of the aggregate sum on July first of each of the next succeeding ten years.

Source: SL 2002, ch 239, § 2.

State Codes and Statutes

Statutes > South-dakota > Title-58 > Chapter-25 > Statute-58-25-23

58-25-23. Reserves restored to net profits over twenty-year period--Amortization rate. The aggregate of the amounts set aside in this reserve in any calendar year pursuant to § 58-25-22 shall be released from the reserve and restored to net profits over a period of twenty years at an amortization rate not to exceed the following formula: thirty-five percent of the aggregate sum on July first of the year next succeeding the year of addition; fifteen percent of the aggregate sum on July first of each of the succeeding two years; ten percent of the aggregate sum on July first of the next succeeding year; three percent of the aggregate sum on July first of each of the next three succeeding years; two percent of the aggregate sum on July first of each of the next three succeeding years; and one percent of the aggregate sum on July first of each of the next succeeding ten years.

Source: SL 2002, ch 239, § 2.

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Statutes > South-dakota > Title-58 > Chapter-25 > Statute-58-25-23

58-25-23. Reserves restored to net profits over twenty-year period--Amortization rate. The aggregate of the amounts set aside in this reserve in any calendar year pursuant to § 58-25-22 shall be released from the reserve and restored to net profits over a period of twenty years at an amortization rate not to exceed the following formula: thirty-five percent of the aggregate sum on July first of the year next succeeding the year of addition; fifteen percent of the aggregate sum on July first of each of the succeeding two years; ten percent of the aggregate sum on July first of the next succeeding year; three percent of the aggregate sum on July first of each of the next three succeeding years; two percent of the aggregate sum on July first of each of the next three succeeding years; and one percent of the aggregate sum on July first of each of the next succeeding ten years.

Source: SL 2002, ch 239, § 2.