Fiscal Note Law and Legal Definition
A fiscal note is also called a fiscal impact statement. For example, the Maryland Department of Fiscal Services prepares a statement describing the fiscal impact of a bill on State revenues and expenditures if the bill becomes law. The issuing office must also approve fiscal notes for form, accuracy, and completeness. The purpose of this process is to provide to the Legislature the estimated cost of legislation that is going through the legislative process. A fiscal note is revised if an adopted amendment changes the bill's impact.
Many other states and jurisdictions have similar items and procedures which vary from state to state. Regulations for fiscal notes often require, among other things, inclusion of operating costs, anticipated salary and inflationary increases, and additional capital costs over a specified period.
