Argument for
By Josh Haeder, State Treasurer
no rhetorical technique found
Vote YES on Amendment K Amendment K is a win-win for all South Dakotans. If voters approve it, unclaimed property dollars will be held in a permanent trust fund. The interest those dollars earn becomes a new permanent source of state revenue for roads, schools, and other public services without raising taxes.
Unclaimed funds like forgotten bank accounts, refunds, and insurance proceeds stay protected for their rightful owners. Amendment K also delivers stronger returns. Today, those dollars sit in a temporary fund earning only 3 to 4 %.
Our other state trust funds, managed by the South Dakota Investment Council are doing considerably better; School and Public Lands at 8.3 % and Education Enhancement at 7.9 %. Voting yes puts unclaimed property dollars in the same hands. Unreturned dollars go into the permanent trust fund and stay there, so when a rightful owner comes forward, the money is still there to pay the claim in full.
Only interest earned each year goes to the Legislature, which gives the state a steady source of revenue without costing claimants or taxpayers a thing. For anyone claiming property through the State Treasurer's Unclaimed Property Program, nothing changes. It keeps returning money to rightful owners just as it always has. What changes is the protection behind those dollars.
Pass Amendment K, and that protection is permanent. Vote it down, and the Legislature can change the law whenever it likes and spend whatever isn't claimed, just as it could under the old system. Amendment K follows the proven model of South Dakota's other permanent trusts managed by the Investment Council, and it asks nothing of anyone.
Vote YES to protect unclaimed property dollars permanently, put them to work for stronger returns, and give the state a stable source of revenue without a single new tax.
From sdsos.gov, the official voter guide.