An Act to Require the Revenue Forecasting Committee to Prepare Economic Impact Statements for Certain Legislation
Impact
The passage of LD1733 would require the Revenue Forecasting Committee to issue detailed economic impact statements within a structured timeline whenever requested by members of a legislative committee. This will entail analyzing potential job impacts, effects on the state tax base, and other financial implications of proposed laws. By mandating these assessments, the bill aims to create a more systematic approach to evaluating legislation, allowing legislators to consider the broader economic consequences before enacting new laws.
Summary
LD1733 proposes an amendment to the existing legislative framework by requiring the Revenue Forecasting Committee to prepare economic impact statements for certain types of legislation. This includes legislation that creates new workforce programs or makes amendments to laws related to employment, labor, or taxation. The impetus behind this bill is to ensure that law-makers have a thorough understanding of the economic implications of proposed legislation, which can lead to better-informed decision-making processes within the state legislature.
Sentiment
The sentiment surrounding LD1733 appears to be mixed among legislators. Supporters argue that the bill will enhance governance by promoting transparency and accountability concerning the economic ramifications of new laws. Conversely, there are concerns that the added requirement for economic impact statements may slow down the legislative process and potentially complicate the passage of timely reforms in the workforce or economic development sectors.
Contention
One point of contention arises from the potential for increased legislative workload due to the necessity of preparing these economic statements. Some critics worry that this could hinder the agility of the legislature in responding to urgent needs or enacting beneficial reforms. Additionally, there is the challenge of ensuring that the economic impact assessments are comprehensive and accurate, which may require additional resources and expertise within the committee.
Notable_points
LD1733 reflects a growing recognition of the need to understand the economic impacts of legislation, aligning law-making more closely with economic realities. The bill's requirement for input from the Revenue Forecasting Committee signifies a step towards more data-driven legislation, although balancing thorough analysis with legislative efficiency will be crucial.
Relating to the preparation by the Legislative Budget Board of a dynamic fiscal impact statement for certain bills and joint resolutions affecting taxes and fees.
Requires statements as to whether a bill is likely to increase equity, decrease equity or have no impact on equity to be included on up to 20 pieces of legislation.