This bill amends the process for distributing funds from the employer's investment in South Dakota's future fund, which is now to be administered by the Governor's Office of Economic Development. The bill establishes that the fund is continuously appropriated for research or economic development projects within the state. It defines eligible projects, which include workforce development, scholarships, infrastructure development, and business retention efforts. Additionally, it mandates that businesses applying for funds must submit a detailed business plan and outlines the requirements for reimbursement of costs associated with approved projects.

Furthermore, the bill requires the Governor's Office of Economic Development to report biannually on the awards made from the fund, detailing the recipients and the economic impact of the funding. It introduces new sections that stipulate the need for agreements between the applicants and the Governor's Office, which must be publicly accessible. The bill also empowers the Governor's Office to create rules regarding the application process, assessment of economic impact, and contractual provisions necessary for the awards. Overall, the legislation aims to enhance transparency and accountability in the distribution of funds for economic development in South Dakota.

Statutes affected:
Introduced, 01/29/2026: 61-5-29.1, 61-5-29.3