Minnesota House Bill HF1122

Minnesota 2023-2024 Regular Session

• Introduced: 2/1/23
• Refer: 2/1/23

Caption

Business impact analysis of proposed legislation provided, and money appropriated.

Impact

By requiring a business impact analysis, HF1122 seeks to promote informed decision-making when it comes to legislation that impacts the business sector. The presence of a formal analysis could potentially reduce the regulatory burden on small businesses by identifying unnecessary or excessive requirements embedded in existing or new legislation. Supporters argue that this will help ensure that legislative changes do not inadvertently harm small business viability, drive up operational costs, or impose excessive compliance burdens.

Summary

HF1122 proposes a structured approach to analyze the impact of proposed legislation on businesses in Minnesota. Specifically, it mandates that the Legislative Budget Office prepare a business impact note for any bill if requested by a committee chair or the ranking minority member. This note will include an estimate of the financial and regulatory implications for businesses, aiming to foster transparency and better understanding regarding how new laws could affect industry operations.

Contention

Despite its potential benefits, HF1122 has generated some controversy. Critics may argue that the mandatory business impact note could delay the legislative process, hindering the swift passage of crucial laws. Additionally, there is concern that relying on such analyses might favor larger businesses that possess the resources to influence the legislative process, possibly marginalizing smaller entities that may not have the same level of advocacy or representation.

Fiscal_note

Moreover, HF1122 includes an appropriation to fund the activities of the Legislative Budget Office to ensure that they can effectively carry out the requirements of the bill. The financial implication of this appropriation will be crucial for the successful implementation of the bill, as it will determine the capacity of the office to conduct thorough business impact assessments.