The bill amends the existing law regarding the distribution of funds from the employer's investment in South Dakota's future fund. It establishes that the fund will be administered by the Governor's Office of Economic Development, which will be responsible for making loans and grants aimed at research or economic development within the state. The bill specifies that any loan or grant must receive approval from a majority vote of the Board of Economic Development.

Additionally, the bill outlines the responsibilities of the Governor's Office of Economic Development to create rules for the application process for loans and grants, methods for assessing economic impact, selection criteria for projects, interest rate setting for loans, and requirements for grant applicants. It also stipulates that the interest rate on loans cannot exceed two hundred basis points above the federal funds rate, and all repayments must be reinvested into the fund for future loans.

Statutes affected:
Introduced, 12/19/2025: 61-5-29.1