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, impacts on state and local policy, compliance mandates, and any necessary changes to existing laws.

Additionally, the bill stipulates that the Bureau of Finance and Management must report to the Governor within thirty days of receiving the grant submission, assessing compliance with the new requirements and potential impacts on the private sector. Furthermore, state agencies are prohibited from submitting grant applications without the Governor's written consent, who may allow revisions for reconsideration. Lastly, all grant applications and related reports will be publicly accessible, with the Bureau maintaining a public database for transparency.