Virginia SB 705

Department of Planning and Budget; Regulatory Budget Program established; report. Directs the Department of Planning and Budget to establish a Regulatory Budget Program under which each executive branch agency subject to the Administrative Process Act shall reduce overall regulatory requirements by 25 percent by January 1, 2029. The bill requires the Department to report to the Speaker of the House of Delegates and the Chair of the Senate Committee on Rules on the status of the Program no later than October 1 of each year, beginning October 1, 2026. Finally, the bill provides that the Department, in consultation with the Office of the Attorney General and the Registrar of Regulations, shall issue guidance for agencies regarding the Program and how an agency can comply with the requirements of the Program. The bill has an expiration date of January 1, 2029.