Knowing the Potential Impact of Legislation
Knowing how a legislative proposal could impact Connecticut’s job creators is a good way to avoid making unforced errors on the state’s economy.
The Commerce Committee this week held a public hearing on SB 1019, which requires the Office of Fiscal Analysis to include an estimate of the number of businesses that would be affected by proposed legislation and the estimated fiscal impact on them.
It’s a proposal that not only makes sense, but also could improve Connecticut’s economy and boost our image as a place in which to do business.
The legislature is already required to report the financial impact of proposals that cost the state or municipalities money to implement. Well, it costs businesses money to implement proposals too.
Connecticut also already required regulations to have a minimal business impact. But what about the laws the legislature enacts? Shouldn't lawmakers want to know the potential costs legislation would impose on businesses in their districts?
At least six other states have passed similar legislation and most of them rank higher in national competitiveness studies than Connecticut.
Texas, Virginia, and Florida, for example, require economic impact statements on proposed legislation and those states placed #2, #8, and #20, respectively, in CNBC’s America’s Top States for Business 2014 rankings. Connecticut finished #46.
This year, it’s especially important for lawmakers to consider every legislative proposal for whether it would help, or hurt, our economy.
SB 1019 would definitely help—by providing legislators with important information they need to make the best decisions for Connecticut.
CBIA members urge state lawmakers to support SB 1019.
For more information, contact CBIA’s Eric Gjede at 860.244.1931 | email@example.com | @egjede
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