HI SB3163

Requires the Office of the Legislative Analyst to prepare economic impact statements for bills beginning with the 2022 regular legislative session, to be made available before either chamber passes a bill on third reading.

Economic impact statements must include sources of information, assumptions, methodologies, descriptions of variables affecting estimates, and analysis of potential positive and negative effects on workforce, taxation, property values, incomes, business operating costs, private investment, economic development, social benefits, and competitiveness.

Defines "economic impact statement" as a statement estimating costs and benefits to private organizations and individuals attributable to a change in law.

Adds preparation of economic impact statements to the Office of the Legislative Analyst's statutory purposes.

Appropriates $350,000 from general revenues for fiscal year 2020-2021 to implement the act, effective July 1, 2020.