An Act to provide a tax credit for owner-occupied property, to make an appropriation therefor, and to transfer moneys to the general fund.

Be it enacted by the Legislature of the State of South Dakota:

Section 1. The state treasurer shall transfer $101 from the South Dakota housing infrastructure fund to the general fund.

Section 2. There is appropriated $101 from the general fund and $101 from the budget reserve fund, to the Department of Revenue, for replacing the revenue forgone by the application of a property tax credit to owner-occupied single-family dwellings, as provided in section 3 of this Act.

Section 3. For property taxes payable in 2027, a county treasurer shall apply a tax credit to each tax bill sent, pursuant to § 10-21-1.1, to an owner of an owner-occupied single-family dwelling. The amount of the tax credit is the lesser of five hundred dollars or the total amount of property tax imposed on the owner-occupied single-family dwelling in 2027.

Section 4. The secretary of the Department of Revenue shall approve vouchers and the state auditor shall draw warrants to pay expenditures authorized in this Act.

Section 5. Any amounts appropriated in this Act not lawfully expended or obligated shall revert in accordance with the procedures prescribed in chapter 4-8.