Bill > H2611

This bill aims to promote best practices in the review of tax expenditures, which are provisions in the tax code that provide a tax reduction, credit, or deferral for certain activities or groups. The key provisions of the bill are: 1. It requires the Commissioner of Revenue to annually prepare and present a tax expenditure budget as part of the Governor's proposed budget. This budget must include detailed information about each tax expenditure, such as its policy rationale, target beneficiaries, revenue losses, and estimated benefits to the Commonwealth. 2. It requires the Secretary of Administration and Finance to establish a review schedule to evaluate each tax expenditure at least every 5 years. The evaluation must identify the policy goals of the tax expenditure, determine metrics to measure its success, and provide recommendations on whether the expenditure should be repealed, amended, or continued. 3. It grants the State Auditor access to tax returns and related records necessary for participating in the evaluation of tax expenditures, while maintaining the confidentiality of taxpayer information. The overall aim of the bill is to improve transparency and accountability in the use of tax expenditures, ensuring they are meeting their intended policy objectives and providing benefits to the Commonwealth.

Budget and Finance

https://malegislature.gov/Bills/190/H2611