HB 2655 Summary

• Requires the office of the legislative analyst to prepare economic impact statements for bills before either house passes them on third reading during regular legislative sessions.

• Economic impact statements must contain sources, assumptions, methodologies, descriptions of variables affecting estimates, and analysis of potential effects on workforce, taxation, property values, incomes, operating costs, capital investment, economic development, and state competitiveness.

• Adds preparation of economic impact statements as a new purpose of the office of the legislative analyst under Hawaii Revised Statutes Chapter 21F.

• Defines "economic impact statement" as a statement estimating costs and benefits to private organizations and individuals in the state from a change in law.

• Appropriates general revenues to the office of the legislative analyst for fiscal year 2020-2021 to implement the act, effective July 1, 2020.