This bill amends the process for distributing funds from the employer's investment in South Dakota's future fund, with a focus on enhancing transparency and accountability. It establishes that the funds will be administered by the Governor's Office of Economic Development and can be used for various purposes, including research, economic development projects, scholarships, workforce development, and infrastructure support. The bill introduces a definition for "research or economic development project" and outlines specific criteria for what constitutes eligible projects. Additionally, it mandates that businesses applying for funds must submit a detailed business plan, including job descriptions, educational requirements, and accounting practices.

Furthermore, the bill requires the Governor's Office of Economic Development to provide an annual report detailing the recipients of grants or awards, the purpose of funding, and the economic impact of the projects. It also stipulates that any agreement related to the funding must be publicly accessible and includes provisions for oversight, such as requiring itemized invoices for larger awards. The bill empowers the Governor's Office to create rules governing the application process, performance expectations, and the return of funds if project circumstances change. Overall, the legislation aims to ensure that funds are used effectively to promote economic growth in South Dakota while maintaining public accountability.

Statutes affected:
Introduced, 02/04/2026: 61-5-29.1, 61-5-29.3