This bill establishes a new requirement for the Legislative Budget Office to prepare business impact notes for proposed legislation that may affect businesses. The bill defines "business" as entities with fewer than 100 employees, and outlines the process for creating these notes, which must include an estimation of the financial impact on affected businesses and any regulatory burdens introduced or altered by the legislation. The notes will also indicate whether the regulatory burden increases or decreases and provide a clear account of the assumptions and data used in the analysis.

Additionally, the bill appropriates funds from the general fund to support the Legislative Budget Office in fulfilling these new responsibilities. The funding is designated for the fiscal year 2026 and aims to ensure that the office can effectively assess the implications of proposed legislation on small businesses in Minnesota.