This bill establishes new requirements for state agencies in South Dakota when applying for or renewing federal grant agreements. It mandates that at least sixty days prior to submitting a grant application, agencies must provide detailed information to the Governor, the Bureau of Finance and Management, and the Joint Committee on Appropriations. This information includes the state law authorizing the grant, a comprehensive analysis of costs and benefits associated with the grant, the anticipated continuation of policies after the grant period, and any necessary compliance mandates or changes to existing laws.

Additionally, the Bureau of Finance and Management is required to assess the grant application and report back to the Governor within thirty days, evaluating compliance with the new requirements and potential impacts on the private sector. Importantly, no state agency can submit a grant application without the Governor's written consent, and the Governor has the option to request revisions to the application. All grant applications and related reports will be publicly accessible, with the Bureau maintaining a public database for transparency.