This bill establishes a tax credit for owner-occupied single-family dwellings in South Dakota, specifically for property taxes payable in 2027. It mandates that county treasurers apply a tax credit of up to $500 to each tax bill for eligible properties, ensuring that the credit does not exceed the total property tax imposed. To support this initiative, the state treasurer is required to transfer $60 million from the South Dakota housing infrastructure fund to the general fund, and an additional $60 million is appropriated from both the general fund and the budget reserve fund to the Department of Revenue to offset the revenue loss from the tax credit.

Furthermore, the bill outlines the administrative responsibilities of the Department of Revenue, including the approval of vouchers and the issuance of warrants for authorized expenditures. It also stipulates that any unspent or unobligated funds appropriated under this Act will revert according to established procedures. This legislation aims to provide financial relief to homeowners while ensuring proper funding and oversight for the implementation of the tax credit.