An Act Concerning Fiscal Notes For State Agency Regulations.
This bill primarily impacts the processes through which state agencies evaluate and project the financial implications of their regulations. By extending the evaluation period from one fiscal year to five years and requiring consideration of long-term effects, the bill aims to provide a more comprehensive understanding of the fiscal burden that regulations may impose on municipalities and small businesses. This change is intended to foster responsible and sustainable regulatory practices, ensuring that the economic effects on all stakeholders are thoroughly analyzed before regulations come into force.
SB00654 is an act concerning fiscal notes for state agency regulations, introduced by Senator Hartley from the 15th District. The bill proposes an amendment to section 4-168 of the general statutes, specifying that fiscal notes prepared by state agencies must take into account not only the immediate fiscal year impacts but also the projected consequences for the subsequent five fiscal years. Additionally, the bill requires analysis of any long-range fiscal implications of new regulations. The intent behind these proposed changes is to enhance regulatory fairness and ensure informed decision-making when new regulations are adopted.
While the bill aims to create a more equitable regulatory environment, it may be met with some challenges. Stakeholders, particularly those within state agencies, may raise concerns about the increased workload and complexity of preparing more extensive fiscal notes. There may also be discussions about the potential impact on the speed of regulatory adoption, which could be hindered by the longer evaluation periods required for fiscal analysis. Furthermore, the balance between thorough evaluation and timely regulatory response will be a point of contention as the bill progresses through the legislative process.