What is an economic impact analysis (EIA)?
An economic impact analysis (EIA) is prepared by the Department of Planning and Budget. An EIA summarizes the costs and benefits that are expected to result from the implementation of the regulatory language. The analysis includes an evaluation of any unintended consequences the new rule may have and assessment of any less intrusive and more cost effective alternatives. The EIA must also include information on the number and types of entities affected by a regulatory action, and on the effects the regulation will have on particular localities, on employment, and on the use and value of private property. The Department has 45 days for proposed stage regulations and 30 days for fast-track regulations from the date of submission to complete its economic analysis. EIAs can be found on the Stage Information page for each proposed regulatory action.
