The bill amends South Dakota's higher education savings plan regulations by updating the reference to the Internal Revenue Code. Specifically, it changes the effective date of the Internal Revenue Code from "as amended and in effect on January 1, 2024" to "January 1, 2025." This adjustment ensures that the state's regulations align with the most current federal tax laws applicable to higher education savings accounts.

In addition to the date change, the bill maintains the existing definitions and terms related to higher education savings plans, such as "Account," "Account owner," "Contribution," and "Designated beneficiary," among others. The overall intent of the legislation is to ensure that South Dakota's higher education savings program remains compliant with federal guidelines, thereby facilitating the management and use of these savings accounts for educational expenses.

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