SB185 — Amend the process by which moneys are distributed from the employer's investment in South Dakota's future fund.
Baseline statute not available. Showing proposed text:
61-5-29.1. There is hereby created in the state treasury a special revenue fund to be known as the employer's investment in South Dakota's future fund. Moneys in the fund must be used for purposes related to, to be administered by the Governor's Office of Economic Development, for the purpose of making awards for research and or economic development for the projects in this state. The employer's investment in South Dakota's future fund is continuously appropriated to the Governor's Office of Economic Development. For purposes of this section, § 61-5-29.3, and sections to 6, inclusive, of this Act, "a research or economic development project" means: (1) Research or equipment required as part of key industries or industries determined to be viable through an economic base analysis for the state of South Dakota or a specific community; (2) Scholarships to postsecondary educational institutions operated by the Board of Regents or the South Dakota Board of Technical Education, provided that the scholarships are for programs that prepare a student for a career field available in this state; (3) Workforce development, apprentice programs, workforce trainings, workforce recruitment, or career and technical education programs offered through a school district, accredited nonpublic school, or institution operated by the Board of Regents or the South Dakota Board of Technical Education; (4) The development of infrastructure required to support economic development in this state; (5) Projects that support business retention or expansion; (6) Recruiting out-of-state workers to move to and work in a career field available in this state; and (7) Supporting other organizations or entities that support economic development projects that may receive moneys from the fund. 5