South Dakota HB1261 provides a tax credit for owner-occupied single-family dwellings and transfers funds to the general fund.

South Dakota HB1261 establishes a tax credit for owner-occupied single-family dwellings, applying a credit of up to $500 for property taxes in 2027. The credit amount is the lesser of $500 or the total property tax imposed on the dwelling. The bill also includes provisions for the transfer of $60 million from the housing infrastructure fund to the general fund and appropriates $60 million from the general fund and budget reserve fund to the Department of Revenue to cover the tax credit costs.

South Dakota HB1261 provides a tax credit for owner-occupied single-family dwellings and transfers funds to the general fund.

South Dakota HB1261 establishes a tax credit for owner-occupied single-family dwellings, applying a credit of up to $500 for property taxes in 2027. The credit amount is the lesser of $500 or the total property tax imposed on the dwelling. The bill also includes provisions for the transfer of $60 million from the housing infrastructure fund to the general fund and appropriates $60 million from the general fund and budget reserve fund to the Department of Revenue to cover the tax credit costs.