Bill > HB1286

This bill aims to modify how money is distributed from the "employer's investment in South Dakota's future fund," which is a state fund managed by the Governor's Office of Economic Development (GOED) to support research or economic development projects. Key changes include requiring businesses seeking funds to submit a detailed business plan outlining their goods or services, job types, educational requirements, compensation, accounting practices, and other funding sources. Additionally, funds can only be used to reimburse actual project costs, and applicants must sign an agreement with the GOED; for awards over one million dollars, applicants must provide itemized invoices and proof of payment before receiving funds, and all agreements will be publicly accessible online, with exceptions for trade secrets. The GOED will also be responsible for developing rules to govern the application process, economic impact assessments, contractual terms, award recommendations, and procedures for returning funds if project circumstances change or performance expectations aren't met.

Government Affairs

https://sdlegislature.gov/#/Session/Bill/27181