CA SB1123

Amends the definition of "major regulation" under California's Administrative Procedure Act, which applies to regulations with economic impacts exceeding $50 million on businesses and individuals

Requires state agencies to identify and calculate any offsetting benefits, impacts, or savings that would result directly or indirectly from adopting, amending, or repealing a regulation

Mandates that agencies factor these offsetting benefits and savings into their economic impact estimates when determining whether a regulation meets the $50 million "major regulation" threshold

Applies to regulations subject to review by the Office of Administrative Law, potentially reducing the number of regulations classified as "major" by allowing net impact calculations rather than gross costs alone