New Tennessee law offers protections for small business

| 7/24/2007

A new law in Tennessee is intended to strengthen safeguards for the state’s 513,000 small businesses, including trucking operations.

Gov. Phil Bredesen signed the bill into law requiring state agencies to prepare an economic impact statement about how any proposed state regulations would impact small businesses. It also requires a regulatory flexibility analysis that includes an agency’s consideration of less burdensome ways of achieving the rule’s purpose.

The new law, previously SB55, also revises the definition of small businesses in the state. Those businesses are defined as having 50 or fewer full-time employees.

Supporters say the new rule is a significant step toward fairness for all small businesses in Tennessee. They also say it sets the stage for a more transparent regulatory environment for small businesses.

Tennessee becomes the 21st state to implement such protections. Arkansas, Maine and Washington are among the states that have approved their own legislation this year.

To view other legislative activities of interest for Tennessee in 2007, click here.