How would a proposed law affect Connecticut’s job creators? This week the Commerce Committee approved a bill to officially shed light on the issue.
The state's nonpartisan Office of Fiscal Analysis (OFA) routinely notes the fiscal impact of proposals on the state and municipalities. Under SB 1019, OFA would expand that analysis to look at the fiscal impact legislation would have on businesses.
SB 1019 is a good idea that’s already in practice in several states--including in Texas and Florida, two that often appear at the top of national "best states to do business" rankings.
The goal of the bill is simply to provide legislators with important information about the impact their votes can have on employers in their districts.
As CBIA pointed out during the public hearing, “The state already performs an analysis of the fiscal impact and compliance costs associated with a piece of legislation that impacts the state and our cities and towns. Why not for businesses too? After all, it costs employers money to comply with laws as well.”
In fact, Connecticut already has its toe in the water when it comes to providing impact statements to businesses.
State regulations already need to have a very minimal business impact statement to be attached before they are approved through the regulatory process.
Requiring a slightly more detailed analysis for legislative proposals is really just pushing ourselves to go ankle deep.
Above all, legislation like SB 1019 sends the message that going forward, we want to do things differently in Connecticut. This bill will surface any possible negative consequences of a bill before it’s voted on.
They say hindsight is 20/20, but SB 1019 allows us the opportunity to avoid making legislative mistakes in the first place.