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South Dakota Governor Tries to Woo Biotech & Research Firms


South Dakota may be best known for the iconic Mount Rushmore but unlike its neighbor to the north it has no booming oil industry to speak of. In an effort to attract business, South Dakota eliminated caps on interest rates and fees in the early '80s. In 1981, Citibank moved its credit card operations to Sioux Falls. Wells Fargo, Capital One and others now have a big presence in the state, employing more than 14,000 people. South Dakota's Governor Dennis Daugaard is looking to attract more banks to the state, but beyond banking, Daugaard says his administration is trying to attract companies in the healthcare industry, such as research and biotech, to help diversify the state's economic base. In addition to a highly skilled workforce, Daugaard points out low taxes which also make the state attractive. South Dakota has no state, corporate or personal income tax. TheStreet's Ruben Ramirez spoke with Governor Daugaard in New York.