Tennessee § 4-5-403 - Preparation of economic impact statement.

§ 4-5-403. Preparation of economic impact statement.

As part of the rulemaking process for any proposed rule that may have an impact on small businesses, each agency shall prepare an economic impact statement as an addendum for each rule that is deemed to affect small businesses, which shall be published in the Tennessee administrative register, filed with the secretary of state and made available to all interested parties, including the secretary of state, attorney general and reporter and the government operations committees of the senate and the house of representatives, and as described for rules in part 2 of this chapter. The secretary of state may require the online submission of economic impact statements filed pursuant to this part. The statement shall include the following: The type or types of small business and an identification and estimate of the number of small businesses subject to the proposed rule that would bear the cost of, or directly benefit from the proposed rule; The projected reporting, recordkeeping and other administrative costs required for compliance with the proposed rule, including the type of professional skills necessary for preparation of the report or record; A statement of the probable effect on impacted small businesses and consumers; A description of any less burdensome, less intrusive or less costly alternative methods of achieving the purpose and objectives of the proposed rule that may exist, and to what extent the alternative means might be less burdensome to small business; A comparison of the proposed rule with any federal or state counterparts; and Analysis of the effect of the possible exemption of small businesses from all or any part of the requirements contained in the proposed rule. Acts 2007, ch. 464, § 5; 2016, ch. 576, § 8. Amendments. The 2016 amendment added the current second sentence to the introductory language. Effective Dates. Acts 2016, ch. 576, § 9. July 1, 2016.