The bill amends South Dakota's existing law regarding higher education savings plans by updating the reference to the Internal Revenue Code. Specifically, it changes the definition of "Internal Revenue Code" to refer to the version in effect as of January 1, 2025. This update ensures that the state's regulations align with the most current federal tax laws that govern higher education savings accounts.

In addition to the updated reference, the bill maintains the existing definitions and terms related to higher education savings plans, such as "Account," "Account owner," "Contribution," and "Qualified higher education expenses," among others. By making this amendment, the legislation aims to enhance clarity and compliance with federal standards, thereby supporting individuals and families saving for higher education expenses.

Statutes affected:
Introduced, 12/27/2024: 13-63-1
Enrolled, 03/03/2025: 13-63-1