This bill establishes a study committee tasked with examining ways to enhance the usefulness of fiscal notes, which are essential for understanding the financial implications of proposed legislation. The committee will consist of eight members, including five from the House of Representatives and three from the Senate, with specific appointments from finance and ways and means committees. Members will receive mileage compensation for their duties. The committee's responsibilities include reviewing current statutory requirements for fiscal notes, recommending changes to what fiscal notes should include, and evaluating the adequacy of resources available to the Office of Legislative Budget Assistant and state agencies for preparing these notes.

Key provisions of the bill include a review of the current threshold for fiscal note requirements, which is set at a fiscal impact of $10,000 or more, and an assessment of whether this threshold should be increased. The committee will also explore the feasibility of including estimated economic benefits in fiscal notes, the need for detailed cost/benefit analyses, and potential modifications to legislative service request filing periods to allow more time for fiscal note preparation. The committee is required to report its findings and recommendations by September 1, 2026, and the act will take effect upon passage.