This bill would prohibit a tax bill from being adopted by the House of Representatives or the Senate unless an economic analysis of the bill has been completed by the state auditor. An economic analysis will include an estimate of the effects on an annual basis for ten years on:
Net change in state revenue;
Net change in state expenditures, including the costs of administering the bill;
Net change in economic activity; and
Net change in public benefit, if applicable.
This bill would also provide that a tax bill may only be introduced in the House of Representatives, that it must include an LC number, and that an original fiscal note is attached. A tax bill may be modified before the final legislative day if the modified bill has been submitted to the state auditor for a revised economic analysis, and the economic analysis is attached to the bill prior to adoption in either chamber or reported from committee.