Purpose of the Bill

The bill aims to introduce a system for analyzing the impact of proposed legislation on small businesses in Minnesota. It intends to ensure that the financial and regulatory consequences of new laws on businesses are thoroughly understood before the laws are enacted.

Main Provisions

• Business Impact Notes: The bill proposes the creation of "business impact notes," which are assessments of the potential effects of proposed legislation on businesses.
• Request Process: These notes can be requested by the chair or ranking minority member of any standing committee where a bill is being considered.
• Preparation and Content: The Legislative Budget Office is responsible for preparing these notes, which must detail the financial impact on businesses, including costs, savings, changes in labor, and regulatory burdens.
  • The notes must estimate the total financial impact and specify whether a bill changes existing requirements such as licenses, fees, or training.
  • The notes should also categorize the regulatory burden as high, medium, or low.
• Alternative Solutions: The business impact notes can suggest less costly or burdensome alternatives to achieve the bill's goals.
• Notification and Distribution: After a request for a business impact note is made, the bill's author must be notified, and completed notes must be distributed to the requester and the bill's author.

Significant Changes to Existing Law

• New Requirement: This bill introduces a new requirement for a detailed assessment of how legislation may affect small businesses, incorporating financial and regulatory analysis into the legislative process when requested.

Relevant Terms

business impact, regulatory burden, Legislative Budget Office, financial impact, small business, regulatory analysis, alternative methods, appropriation, general fund