This bill amends the existing framework for distributing funds from the employer's investment in South Dakota's future fund, which is managed by the Governor's Office of Economic Development. It expands the definition of "research or economic development project" to include various initiatives such as scholarships, workforce development programs, infrastructure development, and business retention efforts. Additionally, it introduces new requirements for applicants seeking funding, including the submission of a detailed business plan outlining the goods or services offered, job types, educational requirements, and accounting practices.

The bill also establishes a more rigorous reporting and oversight process for the distribution of funds. The Governor's Office of Economic Development is mandated to provide annual reports detailing the recipients of grants or awards, their locations, the purposes of the funding, and the economic impacts, including job creation. Furthermore, it requires that any agreement related to the funding be publicly accessible, while still protecting sensitive information. New rules will be promulgated to guide the determination of key industries, application processes, and the assessment of economic impacts, ensuring a structured and transparent approach to the allocation of these funds.

Statutes affected:
Introduced, 02/04/2026: 61-5-29.1, 61-5-29.3
House State Affairs Engrossed, 02/12/2026: 61-5-29.1, 61-5-29.3
Enrolled, 03/04/2026: 61-5-29.1, 61-5-29.3