FISCAL IMPACT REPORTS FOR RULES

SB 258 requires New Mexico's Legislative Finance Committee staff to prepare fiscal impact reports for proposed state agency rules expected to cost $10 million or more annually. It directly affects state agencies proposing such rules (which must provide cost data) and legislative leaders (who can request the reports). The bill mandates that reports include the agency's cost estimates, the rule's legal basis, projected impacts on state budgets and private businesses, and analysis sources. This change aims to provide lawmakers with standardized financial data before approving major regulatory changes. The bill applies only to rules with significant fiscal effects, not routine regulations.