SECTION 1. Chapter 29 of the General Laws is hereby amended by adding after Section 27C the following section:-

Section 27D. Notwithstanding any special or general law to the contrary:

(a) Any law enacted by the governor shall, at the time such law is enacted, be accompanied by a fiscal note. The fiscal note shall contain an estimate of the fiscal impact of the law on the revenues and expenditures of local governments:

(i) during the year in which the law becomes effective and the next 4 years after that year; and

(ii) if the full fiscal impact of a bill is not expected to occur during those years, during each year until and the first year during which that impact is expected to occur.

(b) If a law imposes a mandate on a local government unit, the fiscal note for the law shall contain:

(i) a statement that clearly identifies the imposition of the mandate; and

(ii) an estimate of the fiscal impact of the mandate.

(c) If a law imposes a mandate on a local government unit and requires a mandated appropriation, the fiscal note for the law shall contain:

(i) a statement that clearly identifies the imposition of the mandated appropriation; and

(ii) an estimate of the fiscal impact of the mandated appropriation.

(d) A fiscal note shall identify the sources of the information that was used in preparing the estimates of fiscal impact.