Section 1 [Public Value Impact Statement] requires that chief authors of legislation prepare a public value impact statement if their legislation would result in a new or increased level of public spending, impose new or increased financial obligations on a unit of local government, or impose new regulatory burdens on the private sector.  The statement must summarize why the legislation is cost-beneficial.  The public value impact statement shall include specified items.

The House of Representatives and Senate must each adopt rules specifying a process under which public value impact statements, when required, will be considered by committees.  The statement must be maintained with official records of legislative committees.

SJJ/rdr