HB1637

This bill mandates that fiscal impact statements be prepared and included on the ballot for statewide initiative and referendum measures, as well as legislatively referred constitutional amendments in Arkansas. The Department of Finance and Administration (DFA) is tasked with creating unbiased, good-faith fiscal impact statements for these measures. These statements must detail estimated impacts on state revenues, costs, taxes, and public debt, and identify funding sources for any projected costs. The bill requires the fiscal impact statement to be presented on the ballot, with a provision for a condensed version if the initial statement exceeds 200 words. It establishes specific procedures for the DFA to request information from state agencies to ensure accurate assessments. Additionally, the bill stipulates that sponsors of proposed measures will not be charged for the preparation of these fiscal impact statements. It also sets out a process for applying these requirements to measures already in progress before the act's effective date.