Bill > HB275

This bill amends existing law to require individuals and businesses to separately report each tax expenditure they use to reduce their tax liability, provided that expenditure has been approved by the department. A "tax expenditure" refers to a provision in the law that reduces a taxpayer's obligation, such as a deduction or credit. The Secretary of the Department of Taxation and Revenue will be responsible for creating rules to put this new reporting requirement into effect, and these changes will become effective on January 1, 2016.