Requires the office of financial management, in consultation with the economic and revenue forecast council, to establish the process and methodology for dynamic fiscal impact statements and dynamic impact estimates.

Prohibits dynamic fiscal impact statements from being updated when a bill or resolution is substantively amended during a legislative session.

Requires fiscal notes dealing with corrections, child welfare, and mental health issues to include an estimate of the fiscal impact of expenditure reductions or increases on other state or local program expenditures as well as any return on investment as a result of the legislation.

Requires the director of the office of financial management and the director of the state institute for public policy to convene a work group to explore the establishment of a nonpartisan agency to conduct objective, impartial fiscal analysis on behalf of the legislature.