The introduction of SB 251 is expected to have a considerable impact on the relationship between local governments and businesses. By allowing businesses to claim damages for profit declines caused by new ordinances, the bill seeks to incentivize local units to carefully assess the economic implications of their regulatory decisions. Furthermore, it establishes clear criteria for when businesses can seek damages, potentially leading to increased scrutiny of local legislative actions and more collaborative approaches to economic development.
Summary
Senate Bill 251 establishes a legal framework for businesses to seek damages from local governmental units, such as cities or counties, when new ordinances or regulations lead to a significant loss of profits. The bill stipulates that if an ordinance enacted after June 30, 2023, results in a decline of at least 15% in a business's profits, the affected business may file a claim. This provides a formalized procedure for accountability of local governments regarding their regulatory actions and their effects on businesses.
Contention
There are notable points of contention surrounding SB 251. Proponents argue that the bill protects businesses from potentially harmful regulations and ensures that local governments are held accountable for their decisions. Conversely, critics express concerns that the bill could deter local governments from enacting necessary regulations aimed at public welfare and safety, fearing litigation and financial liabilities. This creates a tension between economic interests and the ability of local governments to govern effectively without the threat of lawsuits impacting their regulatory authority.
Relating to requiring certain business entities to audit the business's supply chain and on-site services for the use of forced labor; providing an administrative penalty.
Creates "Manufacturing Reboot Program" in EDA to provide financial assistance to certain manufacturing businesses; makes $10 million appropriation to EDA.
Creates "Manufacturing Reboot Program" in EDA to provide financial assistance to certain manufacturing businesses; makes $10 million appropriation to EDA.
Creates "Manufacturing Reboot Program" in EDA to provide financial assistance to certain manufacturing businesses; makes $10 million appropriation to EDA.