Bill > HF3041

This bill introduces a new requirement for the Legislative Budget Office to prepare detailed "business impact notes" for proposed legislation when requested by committee chairs or ranking minority members. These notes would provide a comprehensive analysis of how a bill might financially and regulatorily affect small businesses (defined as those with fewer than 100 employees). The impact assessment would include estimating total financial consequences for businesses, such as direct expenditures, revenue changes, and labor cost impacts, as well as evaluating regulatory burdens like new information reporting requirements, fees, training mandates, licensing needs, inspections, and insurance obligations. The notes must categorize the regulatory burden as high, medium, or low and clearly explain the assumptions and data used in the analysis. Additionally, the Legislative Budget Office can suggest alternative methods to achieve the bill's purpose that might be less costly or burdensome for businesses. The bill also includes an appropriation from the general fund to support the Legislative Coordinating Commission in implementing these new requirements for the Legislative Budget Office in fiscal year 2026.

Government Affairs

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF3041&ssn=0&y=2025