MN HF1662

Requires state revenue and expenditure forecasts (February and November each year) to include comparison of the genuine progress indicator against other economic growth measures

Defines genuine progress indicator as measure of economic welfare including household expenditures adjusted for inequality, defensive expenditures, investment value, income inequality costs, public goods/services value, human/social/built/natural capital values, and social costs of economic activity

Directs University of Minnesota Bureau of Business and Economic Research to calculate the genuine progress indicator annually in consultation with Center for Sustainable Economy and an advisory board established by the Board of Regents

Requires annual report by January 15 to legislative committees describing recent indicator changes, significantly changed components, and comparisons with other economic measures, with data made publicly available on website

Appropriates $200,000 in fiscal year 2020 and $200,000 in fiscal year 2021 from general fund to Board of Regents for the Bureau of Business and Economic Research