Sec. 502.
(1) The senate fiscal agency shall prepare, for each bill that is scheduled for a hearing before a standing committee of the senate, a fiscal analysis that contains all of the following:
(a) A summary that explains the changes the bill would make to existing law.
(b) An estimate of the potential impact or amount by which the bill would increase or decrease governmental revenues and expenditures, and which funds the bill would affect. If federal funding received by the state would be affected by the bill, the analysis must include an estimate of that effect.
(c) If the bill would increase or decrease state taxes or fees, the analysis may include an estimate of the impact on payers of the taxes or fees.
(d) Any other information the senate fiscal agency considers necessary to explain the fiscal effect of the bill including, but not limited to, potential impacts to local units of government.
(2) The senate fiscal agency shall provide the fiscal analysis prepared under subsection (1) to the clerk of the committee and to the public on the internet.
(3) The senate fiscal agency shall prepare a revised fiscal analysis, as necessary, that incorporates any change to a bill described in subsection (1).
History: Add. 2018, Act 340, Eff. Dec. 12, 2018