Effective July 1, 2026
61-5-29.7. Employer’s investment in South Dakota’s future fund--Promulgation of rules.
The Governor's Office of Economic Development shall promulgate rules, pursuant to chapter 1-26, establishing:
(1) The process by which an industry is determined to be a key industry for the purposes of subdivision 61-5-29.1(1);
(2) The process by which an individual or entity applies for an award from the employer's investment in South Dakota's future fund;
(3) The methods for assessing or estimating the economic impact, including the potential investment-to-impact ratio, that a research project or economic development opportunity will have on the state;
(4) The contractual provisions that must be included in the agreement signed by the applicant and the Governor's Office of Economic Development, including:
(a) Performance expectations;
(b) A schedule for providing performance progress reports to the Governor's Office of Economic Development;
(c) A conflict-of-interest policy; and
(d) Other contractual provisions that provide for the general terms and conditions of the agreement;
(5) The criteria for determining how a research project or economic development opportunity is recommended to the Governor for an award from the fund;
(6) Any requirements that the individual or entity applying for an award must meet in order to receive the award;
(7) If the award from the fund exceeds one million dollars, the documentation required to demonstrate proof of payment for all expenditures for which the applicant seeks reimbursement;
(8) The process by which an award is disbursed; and
(9) The process by which any moneys awarded from the fund are returned to the fund in the event of a change in the project's circumstances, the applicant's failure to meet the established performance expectations, or the project's failure or relocation outside of the state.