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April 11, 2002
Legislator Nicolello Introduces "Fiscal Impact Law"
Legislator Richard J. Nicolello (R-New Hyde Park) has introduced legislation that would require that Nassau County consider the economic and fiscal consequences of new laws before they are enacted. Legislator Nicolello's bill would require that all proposed new laws be referred to the Office of Legislative Budget Review for an economic and fiscal impact statement.
Legislator Nicolellol stated that "All too often elected officials lose sight of the fact that the laws we create have an impact on those running a business or earning a living. The new legislation that I have introduced requires for the first time that an economic impact statement as well as an expanded fiscal impact statement be prepared before any new law is adopted by the County Legislature. This requirement is intended to protect the economic vitality of Nassau County by requiring the Legislature to more fully consider the consequences of new laws before they are passed."
The proposed legislation would require the independent Legislative Budget Review Office to analyze the impact of any proposed new law on the economy of Nassau County including employment, tourism, business and commerce and real estate value. Legislator Nicolello's bill also expands the nature of the fiscal impact statement required for new laws. The fiscal impact statement will now include the total estimated financial cost or impact on the County for a total; of four years; the cost upon budgeted funds; proposed sources of funding; the impact on property taxes, sales taxes, fees and revenues, and an analysis as to whether County personnel could perform work necessitated by operation of the proposed law.