Bill > SB118

This bill mandates that by January 31st of each year, the state treasurer must transfer funds into a homeowner tax reduction fund, which is established by a separate bill (Senate Bill 125). The amount transferred will be the greater of $100 million or a specific percentage of taxes collected in the previous year from sales tax (Chapter 10-45), use tax (Chapter 10-46), certain telecommunications taxes (Chapter 10-46E), and possibly other taxes (Chapter 10-58). This transfer is contingent on Senate Bill 125 becoming law. The bill also amends existing laws related to the deposit of revenue from sales tax, use tax, and telecommunications taxes to allow for these exceptions, redirecting a portion of these revenues away from the general fund and into the new homeowner tax reduction fund, and specifies that this Act takes effect on July 1, 2027.

Budget and Finance

https://sdlegislature.gov/#/Session/Bill/26494