HB1179 establishes that dynamic fiscal statements may be included in certain fiscal note. Dynamic fiscal statements are statements that include a dynamic impact estimate of the legislation or proposed legislation; and are contained only in the narrative explanation of the fiscal note and not reflected in the fiscal impact calculation currently required. The dynamic impact estimate should, at minimum, be based on assumptions of the probable behavioral response of persons directly impacted by the legislation or proposed legislation.
By July 1, 2022, the office of financial management must establish the process and methodology for dynamic fiscal impact statements and dynamic impact estimates.
HB1179 also recognizes the importance of having complete information to establish and enforce budgetary priorities, coordinate actions on spending and revenue legislation, and develop budgetary and economic information independently of the executive branch. Therefore, the bill directs the director of the house of representatives office of program research and the director of senate committee services to convene a work group to explore ways to improve and expand nonpartisan fiscal and program information available to the legislature and to the public. The work group shall report its findings and recommendations to the governor and the appropriate committees of the legislature no later than December 1, 2022.