There is created in the state treasury the employer's investment in South Dakota's future fund, to be administered by the Governor's Office of Economic Development, for the purpose of making grants or awards for research or economic development projects in this state. For purposes of this section and §§ 61-5-29.3 to 61-5-29.7 , inclusive, "a research or economic development project" means: (1) Research or equipment required in support of key industries, universities, or industries determined to be viable through an economic analysis of this state, a specific community, or a research project; (2) A scholarship for any program that prepares a student for a career field available in this state and is offered through: (a) A public institution of higher education under the jurisdiction of the Board of Regents or the South Dakota Board of Technical Education; or (b) A nonpublic or tribal institution of higher education accredited by an accrediting agency recognized by the United States Department of Education; (3) Workforce development, apprentice programs, workforce trainings, workforce recruitment, or career and technical education programs offered through: (a) A school district; (b) An accredited nonpublic secondary school; (c) A state agency; (d) A public institution of higher education under the jurisdiction of the Board of Regents or the South Dakota Board of Technical Education; or (e) A nonpublic or tribal institution of higher education accredited by an accrediting agency recognized by the United States Department of Education; (4) The development of infrastructure required to support economic development in this state; (5) Projects that support business retention or expansion; and (6) Recruiting: (a) Out-of-state projects to this state; or (b) Out-of-state workers to move to and work in a career field available in this state.
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