A BILL TO BE ENTITLED
AN ACT to require economic impact statements on all bills that propose regulatory changes, similar to the fiscal notes that agencies must prepare during rule making.
The General Assembly of North Carolina enacts:
SECTION 1.  Chapter 120 of the General Statutes is amended by adding a new Article to read:
"Article 6E.
"Regulatory Legislation Economic Impact Statements.
"§ 120‑30.61. Regulatory legislation that has substantial economic impact must be accompanied by economic impact statement.
(a)	Every bill introduced in the General Assembly proposing any change in the law that is regulatory in nature that could cause a substantial economic impact on entities regulated by the legislation shall have attached to it at the time of its consideration by the General Assembly an economic impact statement prepared by the Fiscal Research Division. The economic impact statement shall identify and estimate, for the first five fiscal years the proposed change would be in effect, all costs of the proposed legislation on entities regulated by it. If, after careful investigation, the Fiscal Research Division determines that no dollar estimate is possible, the economic impact statement shall contain a statement to that effect, setting forth the reasons why no dollar amount can be given. No comment or opinion shall be included in the economic impact statement with regard to the merits of the measure for which the note is prepared, but technical and mechanical defects may be noted. As used in this Article, the term "substantial economic impact" means an aggregate financial impact on:
(1)	All persons affected of at least one million dollars ($1,000,000) in a 12‑month period; or
(2)	Any one person of at least one thousand dollars ($1,000) in a 12‑month period.
(b)	The sponsor of each bill to which this section applies shall present a copy of the bill with the request for an economic impact statement to the Fiscal Research Division. The Fiscal Research Division shall prepare the economic impact statement and transmit it to the sponsor within two weeks after the request is made, unless the sponsor agrees to an extension of time.
(c)	This economic impact statement shall be attached to the original of each proposed bill that is reported favorably by any committee of the General Assembly, but shall be separate from the bill and shall be clearly designated as an economic impact statement. An economic impact statement attached to a bill pursuant to this subsection is not a part of the bill and is not an expression of legislative intent proposed by the bill.
(d)	If a committee of the General Assembly reports favorably a proposed bill with an amendment that proposes a change in the law that could cause a substantial economic impact to entities regulated by it, the chair of the committee shall obtain from the Fiscal Research Division and attach to the amended bill an economic impact statement as provided in this section.
(e)	The Office of State Budget and Management, the Department of Revenue, the Department of the State Treasurer, the Department of the State Auditor, the State department most directly concerned, upon the request of Fiscal Research Division, shall assist the Fiscal Research Division in the preparation of the economic impact statement.
(f)	Copies of economic impact statements prepared by the Fiscal Research Division shall be furnished to the sponsor of the bill.
"§ 120‑30.62.  Legislation introduced by request.
Any State department, institution, agency, or other authority requesting a member or members of the General Assembly to introduce regulatory legislation which if enacted would have a substantial fiscal impact on entities regulated by the legislation shall furnish to such member or members, and to the Fiscal Research Division, an economic impact statement containing a realistic estimate of the effect of the measure for the ensuing two fiscal periods."
SECTION 2.  This act becomes effective January 1, 2008.