Panel approves economic development fund - KSFY News - Sioux Falls, SD News, Weather, Sports

Panel approves economic development fund

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PIERRE, S.D. (AP) - A comprehensive South Dakota economic development fund proposed by state legislators would be paid for with contractors excise tax collections and money from unclaimed property.

Republican Sen. Corey Brown, of Gettysburg, outlined the Building South Dakota Fund to the House State Affairs Committee on Monday. The panel voted unanimously to move the bill to the House floor.

The measure was introduced at a bipartisan news conference last week. It would focus on providing tax breaks for large projects that the state otherwise might not attract. It also would provide money for training workers and helping communities build the infrastructure needed to encourage development.

Republicans and Democrats have worked for the past two months to find a compromise plan.

The bill received supportive testimony from nearly two dozen people.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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