SB 617 (Chapter 496, Statutes of 2011) created a new process under which state agencies proposing the adoption, amendment, or repeal of major regulations are required to conduct an economic impact assessment. A major regulation has been defined by Department of Finance as a regulation that will have an economic impact on California businesses and individuals in an amount exceeding $50 million in any 12-month period. SB 617 is an important first step in ensuring that California regulations are prepared with consideration to their impacts on the economy, job creation, and the long-term health of the state’s fiscal situation.
Regulations falling under these requirements will prepare a Standardized Regulatory Impact Assessment (SRIA). Topics covered under this analysis include: creation or elimination of jobs in the State; creation or elimination of businesses; effect on the competitive advantages and disadvantages of businesses operating in California; increase or decrease of investments; incentives for innovation in products, materials, or processes; and proposed benefits of the regulations. The analysis is also required to assess feasible alternatives to the proposed regulations, and state the rationale for choosing the preferred alternative.
All SRIA’s will be submitted to Department of Finance for their review.
The following information provide links to the SB 617 regulations and required procedures for preparing the SRIAs. In addition, links are also provided to the rulemakings that have been identified as subject to an SRIA. These links will be updated as the SRIAs are prepared and as any additional regulatory proposals become subject to this important new requirement.
California Code of Regulations, Title 1, Section 2002(c)(4), (5) and (8)
California Code of Regulations, Title 1, Sections 2000, 2001, 2002(a), (b), (c)(1)-(3), (6), (7) and (9)-(11), (d) and (e), 2003 and 2004
Rulemaking Documents for 2014 Regulations Subject to an SRIA: