PIERRE, S.D.(SDBA)- A proposal to change how South Dakota awards money from its main economic development fund stalled Friday in the Senate State Affairs Committee.

Lawmakers split 4–4 on Senate Bill 1, which would revise the process for issuing loans and grants from the Employer’s Investment in South Dakota’s Future Fund.

The bill also requires new administrative rules covering applications, project selection, and economic-impact analysis.

The committee first adopted an amendment removing a cap on loan interest rates tied to the federal funds rate.

With the tie vote, the chair deferred the bill.