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revise provisions regarding certain sales and use tax rates.

This bill establishes a base sales and use tax rate of 4.5% across multiple tax categories in South Dakota. If sales tax revenue grows by more than the cost of living plus $20 million in a fiscal year, the tax rate automatically decreases by 0.1% the following year, but cannot drop below 2%.

exempt firearms from retail sales tax and use tax.

HB 1078 removes firearms from South Dakota's retail sales tax and use tax, meaning buyers will no longer pay state sales tax when purchasing guns or ammunition. This change amends the state's tax code to create an exemption specifically for firearm sales.