South Dakota would create a new transaction tax, with the revenue collected placed into a "property tax replacement fund" to reduce property taxes across the state. The law prioritizes using these funds first to lower taxes on owner-occupied homes, then agricultural land, and finally other property—reducing each category proportionally until the fund runs out or those taxes reach zero. This bill essentially trades a new transaction tax for lower property taxes, though the specifics of what gets taxed and at what rate aren't detailed in the excerpt provided.
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Taxation Deferred to the 41st legislative day Passed, YEAS 4, NAYS 3. S.J. 17
Taxation Scheduled for hearing
Taxation Scheduled for hearing S.J. 1
First read in Senate and referred to Senate Taxation S.J. 180
Prime sponsor · Rep
R
Dist. HD-034
Prime sponsor · Sen
R
Dist. SD-029
Deferred to the 41st legislative day
Deferred to the 41st legislative day