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 five members from the House of Representatives and three members 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 these 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 the examination of whether the threshold for requiring a fiscal note, currently set at a fiscal impact of $10,000 or more, should be increased. The committee will also assess the feasibility of including economic benefits in fiscal notes, the need for detailed cost/benefit analyses, and the current staffing and budget sufficiency of the Office of Legislative Budget Assistant. The committee is required to report its findings and recommendations by September 1, 2026, and the act will take effect upon passage.