This bill amends several sections of South Dakota law regarding the reinvestment payment program, which supports projects approved under this initiative. Key changes include the requirement for project owners to file an affidavit for reinvestment payment that must include specific information such as project details, costs, and tax payments. The deadline for filing this affidavit has been changed to June 30th of each year, and failure to file on time or providing false information will render the filer ineligible for future reinvestment payments. Additionally, the bill introduces a new provision that exempts gross receipts from purchases made for data centers approved under the reinvestment payment program from state sales and use taxes.

Furthermore, the bill establishes a reinvestment payment fund, which is continuously appropriated to the Governor's Office of Economic Development (GOED) for making reinvestment and new frontiers payments. It mandates that any excess funds set aside for specific payments, or funds from ineligible projects, must be deposited into the general fund. The bill also repeals a previous requirement that GOED must make payments within ninety days of receiving a completed affidavit, streamlining the process for project owners. Overall, these amendments aim to enhance the efficiency and clarity of the reinvestment payment program while providing tax exemptions for approved projects.

Statutes affected:
Introduced, 02/04/2026: 1-16G-61, 1-16G-62, 1-16G-64, 1-16G-63