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revise certain references to the Internal Revenue Code.

South Dakota is updating the date it uses to reference federal tax rules from January 1, 2021 to January 1, 2022, which means the state will now follow the most current version of the Internal Revenue Code when applying these tax laws. This change affects multiple sections of state law dealing with income, sales, and other tax calculations.

include carbon dioxide and carbon dioxide capture companies in certain provisions regarding pipeline taxation.

This bill expands South Dakota's pipeline tax rules to include companies that capture and transport carbon dioxide, giving them the same tax treatment as oil and gas pipeline companies. Carbon dioxide capture companies will now be required to report their private pipelines to the Department of Revenue for tax valuation purposes, just like oil companies do. The change treats carbon dioxide pipelines the same as traditional fuel pipelines under state tax law.

revise the application process for the reduction of tax on dwellings owned by paraplegics.

This bill creates a new annual application process for South Dakota homeowners with paraplegia or loss of use of both legs who qualify for a property tax reduction on their home. Applicants must submit their forms to the county treasurer by April 1st each year, sign under penalty of perjury, and provide documentation that the county treasurer requires to verify their eligibility.

revise a certain provision regarding standard nonforfeiture amounts for individual deferred annuities.

HB 1117 updates South Dakota's insurance rules for deferred annuities by modifying how insurance companies calculate the minimum guaranteed value customers can withdraw from their annuity contracts. The bill adds premium taxes paid by insurance companies as a factor that can be deducted when calculating these minimum values, along with the existing deductions for contract charges, withdrawals, and company debts. This change allows insurers to account for state taxes they've paid when determining what cash surrender benefits they must guarantee to customers.

specify taxation, authorization, and standards of practice for the sale of travel insurance.

This bill creates new rules for selling travel insurance in South Dakota, including defining key terms like "travel insurance," "blanket travel insurance," and "cancellation fee waivers" to establish clear standards for the industry. The law sets up authorization requirements and taxation rules for travel insurance sellers, while also allowing group policies to be sold to eligible groups like travel agencies, tour operators, and hotels without charging individual members separately.

revise certain fees collected by the Office of the Secretary of State.

SB 212 adjusts the fees that South Dakota collects for concealed carry permits and renewals, keeping the $10 fee but clarifying how it's split between the state and local authorities. The bill specifies that $7 of each permit fee goes to the Secretary of State while $3 goes to the county or municipality that processes the application, and applies the same fee structure to permit renewals.