amend the process by which moneys are distributed from the employer's investment in South Dakota's future fund.

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

amend the process by which moneys are distributed from the employer's investment in South Dakota's future fund.

amend the process by which moneys are distributed from the employer's investment in South Dakota's future fund.

What This Bill Does

• amend the process by which moneys are distributed from the employer's investment in South Dakota's future fund.
• Official keyword topics: Fund Future Fund Government Operations and Audit Grants Interim Legislative Committee Bill Promulgation of Rules Reemployment Assistance Official sponsor note: Senators <a rel="noopener" href="https://sdlegislature.gov/Legislators/Profile/4763/Detail">Howard</a> (prime), <a rel="noopener" href="https://sdlegislature.gov/Legislators/Profile/4751/Detail">Foster</a>, and <a rel="noopener" href="https://sdlegislature.gov/Legislators/Profile/4773/Detail">Karr</a> and Representatives <a rel="noopener" href="https://sdlegislature.gov/Legislators/Profile/4782/Detail">Lems</a> (prime), <a rel="noopener" href="https://sdlegislature.gov/Legislators/Profile/4733/Detail">Auch</a>, <a rel="noopener" href="https://sdlegislature.gov/Legislators/Profile/4749/Detail">Emery</a>, <a rel="noopener" href="https://sdlegislature.gov/Legislators/Profile/4789/Detail">Moore</a>, and <a rel="noopener" href="https://sdlegislature.gov/Legislators/Profile/4799/Detail">Overweg</a> at the request of the Committee on Government Operations & Audit

Limits and Unknowns

• This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Official Summary Text

amend the process by which moneys are distributed from the employer's investment in South Dakota's future fund.
Official keyword topics:
Fund
Future Fund
Government Operations and Audit
Grants
Interim Legislative Committee Bill
Promulgation of Rules
Reemployment Assistance
Official sponsor note: Senators <a rel="noopener" href="https://sdlegislature.gov/Legislators/Profile/4763/Detail">Howard</a> (prime), <a rel="noopener" href="https://sdlegislature.gov/Legislators/Profile/4751/Detail">Foster</a>, and <a rel="noopener" href="https://sdlegislature.gov/Legislators/Profile/4773/Detail">Karr</a> and Representatives <a rel="noopener" href="https://sdlegislature.gov/Legislators/Profile/4782/Detail">Lems</a> (prime), <a rel="noopener" href="https://sdlegislature.gov/Legislators/Profile/4733/Detail">Auch</a>, <a rel="noopener" href="https://sdlegislature.gov/Legislators/Profile/4749/Detail">Emery</a>, <a rel="noopener" href="https://sdlegislature.gov/Legislators/Profile/4789/Detail">Moore</a>, and <a rel="noopener" href="https://sdlegislature.gov/Legislators/Profile/4799/Detail">Overweg</a> at the request of the Committee on Government Operations & Audit

Current Bill Text

26.241.26 101st Legislative Session 1

2026 South Dakota Legislature
Senate Bill 1

Introduced by: Senators Howard, Foster, and Karr and Representatives Lems, Auch, Emery, Moore, and Overweg
at the request of the Committee on Government Operations & Audit

Underscores indicate new language.
Overstrikes indicate deleted language.
An Act to amend the process by which moneys are distributed from the employer's 1
investment in South Dakota's future fund. 2
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA: 3
Section 1. That § 61-5-29.1 be AMENDED: 4
61-5-29.1. There is hereby created in the state treasury a special revenue fund 5
to be known as the employer's investment in South Dakota's future fund . Moneys in the 6
fund must be used for purposes related to, to be administered by the Governor's Office of 7
Economic Development, for the purpose of making loans and grants for research and or 8
economic development for the state. Any loan or grant pursuant to this section must be 9
approved by an affirmative vote of a majority of the Board of Economic Development. 10
The Governor's Office of Economic Development shall promulgate rules, pursuant 11
to chapter 1-26, establishing: 12
(1) The process by which an individual or entity applies for a loan or grant; 13
(2) The methods for assessing or estimating the economic impact, including the 14
potential investment -to-impact ratio, that a research project or economic 15
development opportunity will have on the state; 16
(3) The criteria for determining how a research project or economic development 17
opportunity is selected for a loan or a grant; 18
(4) The process for setting an interest rate on a loan disbursed from the fund; 19
(5) Any requirements that the individual or entity applying for a grant must meet in 20
order to be awarded the grant; and 21
(6) The process by which a loan or a grant is disbursed. 22
The interest rate set on a loan disbursed from the fund may not exceed two 23
hundred basis points more than the federal funds rate set by the Federal Reserve System. 24
Any repayment of the principal amount of a loan issued from the fund, and any interest 25
thereon, must be deposited into the fund and used for making new loans. 26