New South Dakota economic programs could benefit small businesse - KOTA Territory News

New South Dakota economic programs could benefit small businesses

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Legislative efforts to boost economic development in South Dakota take affect Monday, and it's all about making the state more competitive.   

In the past, fewer tax incentives in South Dakota have often meant fewer reasons for businesses to want to come to the area.

This years legislation looks to change that, and instead of only gearing incentives toward large projects like in Sioux Falls, President of Rapid City Economic Development Partnership, Ben Snow, says the new program is perfect for smaller towns like Rapid City.   

"Instead of it being just really high expensive, high value projects, projects that are below that 20 million dollar threshold are now eligible to receive some of these incentives," said Snow. "So that really fits South Dakota and the smaller nature of a lot of our companies.  

Education, housing, infrastructure, and other projects are the main focus of the Building South Dakota legislation.

Snow says funding for business incentives comes from sales and the contractors excise taxes.

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