Bill > SF435

This bill establishes a new requirement for the Legislative Budget Office to prepare detailed "business impact notes" for proposed legislation upon request by committee chairs or ranking minority members. These notes would provide comprehensive analyses of how proposed bills might financially and regulatorily affect small businesses (defined as having fewer than 100 employees). The business impact notes must quantify total financial impacts, including direct expenditures, savings, revenue changes, and labor cost implications. Additionally, the notes must assess regulatory burdens by examining whether the proposed legislation would require businesses to do things like pay fees, obtain licenses, complete training, submit to inspections, or obtain insurance. For each regulatory requirement, the note must categorize the potential burden as high, medium, or low. The Legislative Budget Office is also required to transparently document its assumptions and data, and may even suggest alternative methods to achieve the bill's purpose that could be less costly or burdensome for businesses. The bill includes an appropriation to fund these new analytical responsibilities in fiscal year 2026. The goal appears to be providing legislators with a more comprehensive understanding of how proposed laws might affect small businesses before they are enacted.

Government Affairs

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0435&ssn=0&y=2025