This bill establishes a process for creating racial equity impact notes for proposed legislation in Minnesota, aimed at assessing potential racial economic disparities that may arise from new laws. The commissioner of employment and economic development, or their designee, is tasked with preparing these notes upon request from specific legislative leaders. The notes will include an objective assessment of whether the legislation would have an inequitable racial impact, the methods used to determine this impact, and any long-range implications. The Legislative Budget Office will coordinate the preparation of these notes and may consult various data sources to inform their analysis.

Additionally, the bill appropriates funds for the Legislative Budget Office to support the preparation of these racial equity impact notes. The appropriation of funds for fiscal year 2024 is intended to ensure that the office has the necessary resources to conduct thorough assessments as outlined in the new legal framework established by this bill. The detailed structure of the racial equity impact notes is specified, including requirements for documenting current economic conditions, impact assessments, and the methodologies used in the analysis.