(a) (1) As used in this section, unless the context otherwise requires, "fiscal impact statement" means a realistic written statement of the purpose of a proposed law, or a regulation promulgated under a law, and the estimated financial cost to the state or any local school district of implementing or complying with the proposed law or regulation.
(2) The fiscal impact statement shall be developed by the Office of Economic and Tax Policy with the assistance of the Department of Education within the guidelines adopted by the House Committee on Education and the Senate Committee on Education, as applicable.
(b) Any bill filed in the House of Representatives or Senate that will impose a new or increased cost obligation for education in grades kindergarten through twelve (K-12) on the State of Arkansas or any local school district shall have a fiscal impact statement attached to it prepared and filed with the chair of the committee to which the bill is referred:
(1) At least three (3) days before the bill may be called up for final action in the committee during a regular session of the General Assembly;
(2) At least three (3) days before the bill may be called up for final action in the committee during a fiscal session; and
(3) At least one (1) day before the bill may be called up for final action in the committee during a special session of the General Assembly.
(c) (1) (A) If any such House or Senate bill is called up for final passage in the House or Senate and a fiscal impact statement has not been provided by the author of the bill or by the committee to which the bill was referred, any member of the House or Senate may object to the bill's being called up for final passage until a fiscal impact statement is prepared and made available on the desk of each member of the House or Senate at least one (1) day prior to the bill's being called up for final passage.
(B) An affirmative vote of two-thirds (2/3) of a quorum present and voting shall override the objection.
(2) If an objection is made without override, the presiding officer of the House or Senate shall cause the bill to be referred to the office for the preparation of a fiscal impact statement which shall be filed with the presiding officer not later than five (5) days from the date of the request.
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