Changes to Existing Law

26.145.48 26.145.49 101st Legislative Session 125 2026 South Dakota Legislature Senate Bill 125 SENATE TAXATION ENGROSSED Introduced by: Senator Deibert Underscores indicate new language. Overstrikes indicate deleted language. An Act to establish the homeowner tax reduction fund to provide a tax rebate for fund. 1 owner-occupied property. 2 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA: 3 2 Section 1. That a NEW SECTION be added to chapter 13-13: 4 10-13: 3 There is created in the state treasury the homeowner tax reduction fund. 5 4 The Department of Revenue shall administer the fund. The purpose of the fund is 6 5 to provide a property tax rebate relief for owner-occupied single-family dwellings. Interest on 7 6 moneys credited to the fund must remain in the fund. Expenditures from the fund must 8 7 be budgeted through the general appropriation bill. 9 8 Moneys in the fund may not be transferred to the general fund. 10 Section 2. That a NEW SECTION be added to chapter 10-13: 11 Prior to June thirtieth of each year, the secretary of the Department of Revenue 12 shall calculate the maximum amount of tax rebate to which each owner of owner-occupied 13 property is entitled for the current tax year, using the following formula: 14 (1) Multiply two dollars by the number of property owners entitled to receive the tax 15 rebate; 16 (2) Subtract the resulting amount in subdivision (1) from the total amount of moneys 17 appropriated from the homeowner tax reduction fund for the current tax year; 18 (3) Divide the resulting amount in subdivision (2) by the number of property owners 19 entitled to receive the tax rebate. 20 Section 3. That a NEW SECTION be added to chapter 10-13: 21 Prior to June thirtieth of each year, the secretary of the Department of Revenue 22 shall mail, or electronically transmit, to each eligible property owner, a tax rebate equal 23 to the lesser of: 24 26.145.48 2 125 Underscores indicate new language. Overstrikes indicate deleted language. (1) The resulting amount in subdivision (3) of section 2 of this Act; or 1 (2) The sum of all taxes levied on the owner-occupied single-family dwelling, for the 2 current tax year, in excess of two hundred fifty dollars. 3 Moneys in excess of the total distributions of tax rebates under this section, in a 4 year, must remain in the homeowner tax reduction fund or be used to defray the 5 administrative costs incurred by the implementation of the rebates. The amount used to 6 defray the administrative costs in any year must equal the resulting amount in subdivision 7 (1) of section 2 of this Act. 8 9