HB 1024 Summary

• Requires the Office of Management and Budget (OMB) to include a private sector employment impact statement in cost benefit analyses for proposed administrative rules prepared after June 30, 2013.

• The employment impact statement must estimate the economic impact on private sector jobs in Indiana, identify affected industry sectors, quantify jobs affected, specify geographic regions impacted, and assess effects on business expansion and retention.

• Allows the OMB to decline preparing an employment impact statement if it determines the preparation is unnecessary or impractical, but must explain this determination in the cost benefit analysis.

• Requires post-adoption cost benefit analyses covering the first three years after a rule's effective date to include the original employment impact statement (if prepared) and actual economic impacts on private sector employment during that period.

• Effective date: July 1, 2013.