SB5274 states that it is the intent of the legislature to establish an equity tool that can be applied to a greater number of legislative proposals, thereby enabling legislators to assess the equity impacts for a large number of measures.
Phase 1 of implementation establishes procedures for providing an equity impact statement for legislative proposals on which a fiscal note is requested or at the request of a legislator if a fiscal note is not requested. Among other provisions, the equity impact statement must describe the expected impact of the legislative proposal on communities and provide guidance for agencies on best practices.
The second phase of implementation shall require equity impact statements on legislative proposals that create new statutory provisions, or amend existing statute, on housing or health care policies.
The bill goes on to describe phases 3 and 4, as well dates by which impact statements must be submitted.
Beginning July 1, 2025, and annually thereafter, the office of financial management must provide data requested by the office of equity regarding equity impact statements.