This bill introduces a new education tax credit for property owners in South Dakota, allowing them to receive a property tax credit based on eligible education expenses incurred for children who are between the ages of five and eighteen and enrolled in nonpublic schools or receiving alternative instruction. Eligible expenses include tuition, fees for sports and fine arts programs, textbooks, educational therapies, transportation services, and necessary technological devices. The credit amount cannot exceed eighty percent of the total school district taxes owed by the property owner for that year, nor can it exceed eighty percent of the current year's per student equivalent in the general state aid to education formula for any individual child.

To apply for the property tax credit, property owners must submit an application to the county director of equalization by January first, providing details about the property, the child’s school enrollment, and a list of incurred eligible education expenses. The application must be verified by the school and signed under penalty of perjury. Additionally, the property tax bill will reflect any credits received, and the Department of Revenue is tasked with establishing rules for the application process and necessary documentation to verify expenses.