SD HB1286

Requires business applicants to submit a business plan including goods/services offered, job descriptions, educational requirements, compensation packages, accounting practices, and other funding sources before receiving awards from the fund.

Limits fund awards to reimbursement of actual project costs only, and requires awards exceeding $1 million to include itemized invoices and proof of payment documentation before disbursement.

Mandates all agreements be publicly posted on the state website, with exceptions for trade secrets and privileged information.

Expands annual reporting requirements to six legislative committees, including recipient names, amounts, locations, job creation data, fund balance, project status, and long-term job projections for awards over two years old.

Directs the Governor's Office of Economic Development to promulgate rules establishing application processes, economic impact assessment methods, contract provisions, performance expectations, and procedures for returning funds if projects fail or relocate out of state.