I happened to notice that BJ Nesselhuf, Chair of the South Dakota Democratic Party, is asking people to help him come up with a clever title for “Referred Law 14.” Opponents of Gov. Daugaard’s Large Project Development Fund legislation (HB 1230) don’t believe it is an effective way for the state to increase economic development and revenue in the state.
The large-project development fund is set to take effect in 2013 and will give grants to local and out-of-state businesses building a project of $5 million or more.
The money comes from taking 22 percent of the contractors’ excise tax. The other 78 percent goes into the general fund.
Democrats say the money would be better spent on education. Supporters say the fund is an important tool for luring businesses to the state.
Obviously the Democrats have overlooked the fact that if South Dakota is able to increase economic development in our state, we will also increase the revenues our state collects in taxes and fees, which will also increase our ability to spend on education.
So what would you suggest Nesselhuf’s pet name should be for this issue? Please don’t hold back — Chairman Nesselhuf wants to know your opinions…