MS HB1186

Creates the "Mississippi Small Business Regulatory Flexibility Act" establishing a 12-member Small Business Regulatory Review Committee appointed by the Governor, Lieutenant Governor, and Speaker of the House to review proposed rules affecting small businesses.

Defines "small business" as a for-profit entity with fewer than 100 full-time employees or gross annual sales/revenues below $10,000,000.

Requires state agencies to prepare economic impact statements for proposed permanent rules that analyze effects on small businesses and evaluate flexible alternatives such as reduced compliance requirements, extended deadlines, or exemptions.

Allows agencies to waive or reduce administrative penalties for small businesses that correct violations within 30 days, result from misunderstanding of regulations, or demonstrate good-faith compliance efforts.

Amends Section 25-43-3.105 to require full text of economic impact statements be filed with Secretary of State for publication; provides sunset date of July 1, 2016, except modifications to Section 25-43-3.105 which remain permanent.