- Upon written request by the commissioner or head of any agency, or by any member of the general assembly, each agency shall within a reasonable time justify a proposed action by preparing an economic impact statement using professionally accepted methodology, with quantification of data to the extent practicable, giving effect to both short-term and long-term consequences; provided, that this section shall not apply to any action of the department of transportation in which federal-aid matching funds are used.
- The economic impact statement shall include the following information:
- A description of the action proposed, the purpose of the action, the legal authority for the action and the plan for implementing the action;
- A determination that the action is the least-cost method for achieving the stated purpose;
- A comparison of the cost-benefit relation of the action to nonaction;
- A determination that the action represents the most efficient allocation of public and private resources;
- A determination of the effect of the action on competition;
- A determination of the effect of the action on the cost of living in the geographical area in which the action would occur;
- A determination of the effect of the action on employment in the geographical area in which the action would occur;
- The source of revenue to be used for the action; and
- A conclusion as to the economic impact upon all persons substantially affected by the action, including an analysis containing a description as to which persons will bear the costs of the action and which persons will benefit directly and indirectly from the action.
- If, during the course of an agency action, information required by the economic impact statement materially changes, the agency shall amend the statement with the correct information.