(1) As used in this subchapter, “fiscal impact statement” means a realistic statement of the purpose of a proposed law, or a rule 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 rule.
(2) A fiscal impact statement shall be developed with the guidance of the Office of Economic and Tax Policy of the Bureau of Legislative Research and with the approval of the Division of Elementary and Secondary Education.