§ 4-33-104 — Economic impact statements

(a) Upon written request by the commissioner or head of any agency, or by any member of the general assembly, each agency shall within a reasonable time justify a proposed action by preparing an economic impact statement using professionally accepted methodology, with quantification of data to the extent practicable, giving effect to both short-term and long-term consequences; provided, that this section shall not apply to any action of the department of transportation in which federal-aid matching funds are used. (b) The economic impact statement shall include the following information: (1) A description of the action proposed, the purpose of the action, the legal authority for the action and the plan for implementing the action; (2) A determination that the action is the least-cost method for achieving the stated purpose; (3) A comparison of the cost-benefit relation of the action to nonaction; (4) A determination that the action represents the most efficient allocation of public and private resources; (5) A determination of the effect of the action on competition; (6) A determination of the effect of the action on the cost of living in the geographical area in which the action would occur; (7) A determination of the effect of the action on employment in the geographical area in which the action would occur; (8) The source of revenue to be used for the action; and (9) A conclusion as to the economic impact upon all persons substantially affected by the action, including an analysis containing a description as to which persons will bear the costs of the action and which persons will benefit directly and indirectly from the action. (c) If, during the course of an agency action, information required by the economic impact statement materially changes, the agency shall amend the statement with the correct information.

Legislative History

Acts 1979, ch. 215, § 4; T.C.A., § 4-3304; Acts 1980, ch. 664, § 1.