Bill > SJR507

This joint resolution proposes to amend state law, which will be presented to voters at the next general election, to reduce property taxes for homes where people live (owner-occupied property) and to increase the rates for certain taxes on business revenue (gross receipts taxes) and on the use of goods and services (use taxes). Specifically, it aims to eliminate the property tax levy for school districts on owner-occupied single-family dwellings, while increasing the state's general sales tax and use tax rates from 4.2% to 5% on various goods and services, including retail sales, utility services, telecommunications, amusement devices, and rental vehicles. The resolution also includes provisions related to school funding, creating a "local effort replacement fund" to supplement school district general and special education funds with state revenue, and adjusts how special education costs are calculated and funded. Some of these changes are temporary, with amendments to sections 3 through 21, section 25, and section 28 set to expire on June 30, 2027, after which the affected laws will revert to their previous wording.

Government Affairs

https://sdlegislature.gov/#/Session/Bill/27239