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SD SB118
Bill
Status
1/26/2026
Primary Sponsor
Casey Crabtree
Click for details
AI Summary
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State treasurer must deposit annually by January 31st the greater of $100 million or an applicable percentage of certain tax revenues into the homeowner tax reduction fund created by Senate Bill 125
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Revenue sources include sales tax (Chapter 10-45), use tax (Chapter 10-46), use tax on services (Chapter 10-46E), and cannabis tax (Chapter 10-58)
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"Applicable percent" is defined as 0.3% divided by the applicable tax rate for each referenced tax category
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Transfers are contingent on Senate Bill 125 becoming effective; if SB 125 fails, no funds may be transferred under this act
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Effective date: July 1, 2027
Legislative Description
Deposit certain tax revenues into a homeowner tax reduction fund.
Property Tax
Last Action
Senate Do Pass Amended, Failed, YEAS 16, NAYS 17. S.J. 375
2/24/2026