This bill establishes a framework for conducting business impact analyses on proposed legislation in Minnesota. It introduces a new section, designated as [3.99], which outlines the definitions of key terms such as "business" and "business impact." The Legislative Budget Office is tasked with preparing a business impact note upon request from committee leaders, which will assess the financial and regulatory implications of the proposed legislation on businesses with fewer than 100 employees. The note must detail the total financial impact, including direct costs and regulatory burdens, and indicate whether the bill increases or decreases these burdens.

Additionally, the bill appropriates funds for the Legislative Budget Office to carry out these analyses, ensuring that the necessary resources are available for this new requirement. The business impact note will also include assumptions and data used in the analysis and may suggest alternative methods to achieve the bill's objectives in a less burdensome manner for businesses. This initiative aims to enhance transparency and consideration of the effects of legislation on small businesses in Minnesota.