(1) Prior to the adoption of an environmental rule or regulation by the Commission on Environmental Quality for a new program, the commission shall consider the economic impact and environmental benefits such rule or regulation will have on the citizens and the environment of our state, as well as the fiscal impacts of such rule or regulation on the state and local governmental agencies. This section shall not apply to the adoption of any environmental rule or regulation for a new program which is promulgated pursuant to a state/federal program delegation agreement or contract or which is expressly required by state law.

(2) Prior to giving notice of proposed agency action as required by Section 25-43-7, Mississippi Code of 1972, the commission shall develop a written report providing an economic and fiscal impact statement for the adoption of an environmental rule or regulation for a new program, except as provided in subsection (1) of this section. In developing the economic and fiscal impact statement, the commission shall consult with personnel at the Universities Research Center.

(3) The economic and fiscal impact statement shall include the following:

(a) A description of the need for and the environmental benefits which will likely accrue as the result of the proposed action;

(b) An estimate of the capital cost and the annual cost to the regulated community of implementing the proposed action;

(c) An estimate of any initial cost and annual costs to the department and other state and local governmental entities of implementing and enforcing the proposed action, including the estimated amount of paperwork;

(d) A description of reasonable alternative methods, where applicable, for achieving the purpose of the proposed action which were considered by the commission and a statement of reasons for rejecting those alternatives in favor of the proposed adoption or substantive modification; and

(e) A detailed statement of the data and methodology used in making estimates required by this subsection.

(4) No rule or regulation shall be declared invalid based on a challenge to the economic and fiscal impact statement for the rule or regulation unless the issue is raised in administrative proceedings before the commission. No person shall have standing to challenge a rule or regulation, based upon the economic and fiscal impact statement or lack thereof, unless that person provided the commission with information sufficient to make the commission aware of specific concerns regarding the statement in a public meeting or hearing held by the commission or in written comments regarding the rule or regulation. The grounds for invalidation for an action of the commission, based upon the economic and fiscal impact statement, are limited to the commission’s failure to adhere to the procedure for preparation of the economic and fiscal impact statement as provided in this section, or the commission’s failure to consider information submitted to the commission regarding specific concerns about the statement, if such failure substantially impairs the fairness of the rulemaking proceeding.