MS HB481

Reenacts sections 25-43-4.101 through 25-43-4.108 of the Mississippi Small Business Regulatory Flexibility Act, which establishes procedures for reviewing proposed regulations affecting small businesses.

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

Creates a 12-member Small Business Regulatory Review Committee appointed by the Governor, Lieutenant Governor, and Speaker of the House to review proposed rules and provide recommendations to agencies.

Requires state agencies to prepare economic impact statements for proposed permanent rules, including analysis of effects on small businesses and consideration of less costly regulatory alternatives.

Extends the repeal date of the Small Business Regulatory Flexibility Act from July 1, 2016 to July 1, 2019.