(a) Definitions. In this Section, the following words and phrases have the following meanings:
Director means the Director of the Office of Legislative Oversight.
Economic impact means an estimate of the costs and/or benefits to private organizations and individuals in the County attributable to a change in the law.
(b) Economic impact statements. The Director must submit a statement to the Council describing the economic impact, if any, of each bill under consideration by the Council. The Director must submit a separate statement for each bill.
(c) Time for submission. An economic impact statement should be submitted to the Council no more than 21 days after a bill is introduced.
If the Director is unable to submit the statement within the time required by paragraph (2), the Director must notify the Council President in writing of the delay, the reason for the delay, and the revised delivery date. If the Council President finds that the revised delivery date is unreasonable, the Council President may set a different delivery deadline.
(d) Content of economic impact statement.
(1) Each economic impact statement must include:
(A) the sources of information, assumptions, and methodologies used;
(B) a description of variables that could affect economic impact estimates; and
(C) if a bill is likely to have no economic impact, why that is the case.
(2) Each economic impact statement should include the bill’s potential positive or negative effects, if any, on the County’s workforce, taxation policy, property values, incomes, operating costs to businesses and non-profits operating in the County, capital investment from the private sector, economic development, and the County’s competitiveness.
(e) Compliance. Council action on an expedited bill that is otherwise valid is not invalid because of any failure to follow the requirements of this Section.
Editor’s note—2019 L.M.C., ch. 14, § 2, states: Effective Date. This Act must take effect on March 1, 2020 and apply to each Bill that is introduced after this Act takes effect.
