Bill > S1454

This bill proposes to automatically end certain tax breaks, referred to as "tax expenditures," for corporations and businesses, as well as some personal tax credits, three years after the bill becomes law, unless those tax breaks already have an earlier expiration date. A tax expenditure is essentially a provision in the tax code that reduces tax liability for certain individuals or businesses, often through credits or deductions, and this bill aims to ensure these breaks are periodically reviewed. The bill also mandates that any new tax breaks, or renewals or modifications of existing ones, enacted after January 7, 2015, must include an expiration date of no more than three years and a clear statement of their purpose and measurable goals, otherwise, they will not take effect. The Commissioner of the Department of Revenue is given the authority to create regulations to put these changes into practice.