Purpose of the Bill

This bill aims to assess and report on how proposed legislation in Minnesota would impact small businesses financially and regulatory-wise. The goal is to ensure that lawmakers are aware of the potential effects on businesses with fewer than 100 employees before enacting new laws.

Main Provisions

• Business Impact Notes: The bill introduces a requirement for creating "business impact notes" for proposed legislation. These notes will detail the financial and regulatory effects on small businesses.

• Legislative Budget Office Role: The Legislative Budget Office is tasked with preparing a business impact note if requested by either the chair or the ranking minority member of a committee reviewing the bill.

• Information Gathering: The business impact note will be prepared by gathering necessary data from relevant state departments or agencies. Results must be shared with both the requester and the bill's authors.

• Contents of Impact Notes: These notes should include:

  • An estimate of the total financial impact on businesses, including any changes in expenses, revenues, and labor costs.
  • An analysis of regulatory burdens imposed by the bill, such as required documentation, fees, training, or evaluations.

• Alternative Methods: The Legislative Budget Office can suggest alternative approaches to achieve the bill's aims if these alternatives reduce negative financial impacts or regulatory burdens on small businesses.

Significant Changes to Existing Law

• New Reporting Requirement: This bill introduces a new systematic process for analyzing the impact of legislation on small businesses, which was not previously mandated.

• Funding for Implementation: An appropriation is made to support the Legislative Budget Office in carrying out these duties, indicating financial resources will be allocated to facilitate this new requirement.

Relevant Terms

business impact notes, small businesses, Legislative Budget Office, financial impact, regulatory burden, appropriation, Minnesota statutes, government regulation