BILL REQ. #:  S-0308.1 

Read first time 01/24/11.   Referred to Committee on Ways & Means.

     AN ACT Relating to fiscal note instructions; and creating a new section.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION.  Sec. 1   The legislature finds that some economic development initiatives, including tax incentives and infrastructure finance, have the potential for a positive fiscal impact on the state that is not always reflected in the fiscal notes prepared by state agencies. It is the intent of this legislation to adopt a pilot project to review the feasibility and reliability of fiscal notes that reflect the potential for increased revenue from economic development initiatives.
     The office of financial management and the department of revenue, in consultation with the senate and house of representatives, must perform economic modeling on three examples of economic development legislation enacted during the 2011 legislative session. The office of financial management and the department of revenue must monitor the implementation of the legislation and compare the economic impacts to economic modeling. No later than five years after the effective date of the legislation, the department of revenue and the office of financial management must compare the economic modeling with the actual results of the legislation and must provide a report to the legislature comparing the two.