Requiring economic impact statements for certain legislative rules

SB 163 requires West Virginia state agencies to prepare and submit economic impact statements when proposing certain new legislative rules. These statements must analyze potential costs to the public, including regulatory expenses, business competitiveness, job creation, private investment, and economic growth. The bill applies specifically to "legislative rules" (rules with legal force or that affect rights, privileges, or liabilities), not to interpretive or procedural rules. Agencies must include this analysis as part of the rulemaking process before rules take effect, directly affecting how state agencies develop regulations and indirectly impacting businesses and residents who comply with those rules.