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 property tax credit cannot exceed eighty percent of the total school district taxes owed by the property owner for that year, nor can the total credits for any individual child exceed eighty percent of the current year's per student equivalent in the general state aid to education formula.

To apply for this property tax credit, property owners must submit an application to the county director of equalization by January 1st, providing details about the children and the incurred education expenses. The application must be verified by the respective schools and include documentation of the expenses. 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.