Enacts the "red tape reduction act"

S 2371, the "Red Tape Reduction Act," requires state agencies to offset any new paperwork or costs imposed on businesses by repealing or amending an existing rule when creating new regulations. This applies to all proposed rules that add administrative burdens, mandating that agencies specify which existing rule will be removed to balance the cost in their official notices. The law includes a safety clause preventing offsets that could harm public health, safety, or the state economy. It applies immediately to all new rule proposals submitted after its effective date.