The bill amends South Dakota's higher education savings plan law by updating the reference to the Internal Revenue Code to reflect current federal law. Specifically, it changes the date in the definition of "Internal Revenue Code" from January 1, 2025, to January 1, 2026. This update ensures that the state's regulations align with the most recent 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," "designated beneficiary," and "qualified higher education expenses." By making this amendment, the legislation aims to provide clarity and consistency in the administration of these savings plans, which are essential for families saving for higher education expenses.

Statutes affected:
Introduced, 01/06/2026: 13-63-1