As part of the rulemaking process for any rule being proposed that may have an impact on small businesses, each agency shall prepare an economic impact statement as an addendum for each rule that is deemed to affect small businesses, which shall be published in the Tennessee administrative register, filed with the secretary of state and made available to all interested parties, including the secretary of state, attorney general and reporter and the government operations committees of the senate and the house of representatives, and as described for rules in part 2 of this chapter. The secretary of state may require the online submission of economic impact statements filed pursuant to this part. The statement shall include the following:

(1) The type or types of small business and an identification and estimate of the number of small businesses subject to the rule being proposed that would bear the cost of, or directly benefit from the rule being proposed;
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Terms Used In Tennessee Code 4-5-403

  • Agency: means each state board, commission, committee, department, officer, or any other unit of state government authorized or required by any statute or constitutional provision to make rules or to determine contested cases. See Tennessee Code 4-5-102
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
  • Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
  • Rule: includes the establishment of a fee and the amendment or repeal of a prior rule. See Tennessee Code 4-5-102
  • Small business: means a business entity, including its affiliates, that employs fifty (50) or fewer full-time employees. See Tennessee Code 4-5-102
(2) The projected reporting, recordkeeping and other administrative costs required for compliance with the rule being proposed, including the type of professional skills necessary for preparation of the report or record;
(3) A statement of the probable effect on impacted small businesses and consumers;
(4) A description of any less burdensome, less intrusive or less costly alternative methods of achieving the purpose and objectives of the rule being proposed that may exist, and to what extent the alternative means might be less burdensome to small business;
(5) A comparison of the rule being proposed with any federal or state counterparts; and
(6) Analysis of the effect of the possible exemption of small businesses from all or any part of the requirements contained in the rule being proposed.
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