RELATING TO THE DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT, AND TOURISM.

2025 Regular Session Introduced by Stanley Chang and 6 co-sponsors

SB 981 allocates funds to enhance the Department of Business, Economic Development, and Tourism, supporting businesses in adapting to minimum wage changes and economic studies.

Reported from EDT (Stand. Com. Rep. No. 124) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM.

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Summary of Bill SB 981

Title: Relating to the Department of Business, Economic Development, and Tourism

Bill Number: SB 981
Introduced On: January 17, 2025
Current Status: Reported from EDT (Stand. Com. Rep. No. 124) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM.
Classification: Bill
Subject Areas: Appropriation ($), DBEDT, Impact on Businesses and Other Employers, Increases, Minimum Wage, Report, Study

Purpose and Intent

The primary purpose of SB 981 is to enhance the operational capacity of the Department of Business, Economic Development, and Tourism (DBEDT) through targeted appropriations. The bill aims to support initiatives that will positively impact businesses and employers in the state, particularly in relation to minimum wage adjustments and economic studies.

Key Provisions

Appropriation of Funds: The bill includes provisions for the allocation of financial resources to DBEDT, although specific dollar amounts are not detailed in the provided information.

Minimum Wage Considerations: SB 981 addresses potential increases in the minimum wage, indicating that the bill may include studies or reports related to the economic impact of such changes on businesses and employment.

Reporting Requirements: The bill mandates the preparation of reports and studies that will analyze the effects of proposed economic policies, including minimum wage adjustments, on local businesses and employers.

Affected Parties

Businesses and Employers: The bill is designed to directly impact businesses and employers in the state by providing them with the necessary support and resources to adapt to changes in economic policies, particularly regarding minimum wage.

Department of Business, Economic Development, and Tourism (DBEDT): As the primary agency involved, DBEDT will receive appropriated funds to carry out the initiatives outlined in the bill.

Procedural Timeline

January 17, 2025: Bill SB 981 was introduced.

January 21, 2025: The bill passed its First Reading.

January 23, 2025: The bill was referred to the EDT and WAM committees.

January 27, 2025: A public hearing was scheduled for January 30, 2025, at 1:00 PM in Conference Room 229 and via videoconference.

January 30, 2025: The EDT committee recommended that the measure be passed with amendments, resulting in a vote of 3 Ayes and 2 Excused.

February 10, 2025: The report was adopted, and the bill passed its Second Reading as amended (SD 1), subsequently being referred to WAM.

Conclusion

SB 981 represents a legislative effort to bolster the capabilities of the DBEDT in supporting economic development initiatives, particularly in relation to minimum wage policies. By appropriating funds and requiring comprehensive studies, the bill seeks to ensure that businesses are well-equipped to navigate potential changes in the economic landscape. The ongoing legislative process will determine the final provisions and impacts of the bill.