South Dakota will now direct a portion of interest earnings from the unclaimed property trust fund to school districts, distributing these funds proportionally based on each district's share of the state's student population. Previously, this interest income was not included in the school funding formula that the commissioner of school and public lands uses to apportion money to districts. The change ensures school districts benefit from earnings on unclaimed property holdings held in state trust.
AI-generated summary
Committee on Appropriations Deferred to the 41st legislative day Passed, YEAS 5, NAYS 3.
Committee on Appropriations Scheduled for hearing S.J. 1
Committee on Appropriations Scheduled for hearing S.J. 1
Committee on Appropriations Referred to Senate Committee on Appropriations Passed, YEAS 16, NAYS 0.
First read in Senate and referred to Joint Committee on Appropriations S.J. 178
Prime sponsor · Rep.
R
Prime sponsor · Sen.
R
Committee on Appropriations — Deferred to the 41st legislative day
Committee on Appropriations — Referred to