This bill amends Section 2-5-4 of the NMSA 1978 to enhance the responsibilities of the Legislative Finance Committee (LFC) by requiring it to prepare fiscal impact reports for proposed executive agency rules that are expected to have a significant fiscal impact. The bill specifies that upon request from legislative leadership, including the speaker of the house, the president pro tempore of the senate, and the minority leaders of both chambers, the LFC staff must conduct a fiscal impact analysis. This analysis will include a statement of need, compliance costs, the authorizing statute, estimated fiscal impacts, potential secondary benefits or disadvantages, and the sources used for the analysis.

Additionally, the bill defines a "rule of significant fiscal impact" as one that is likely to result in an annual effect of ten million dollars or more on the state or private industry. The amendments also streamline the process for state agencies to provide their appropriation requests and supporting information to the LFC, ensuring that the committee has the necessary data to fulfill its expanded role effectively.

Statutes affected:
introduced version: 2-5-4