Strengthening the review of the legislature's goals for tax preferences by requiring that every new tax preference provide an expiration date and statement of legislative intent. (REVISED FOR ENGROSSED: Strengthening the review of the legislature's goals for tax preferences by requiring that every new tax preference provide a statement of legislative intent and include an expiration date where applicable. )
Summary
Requires that any new tax preference legislation include legislative intent language, metrics, and data to facilitate the review of the preference.
Creates a 10-year expiration date for new tax preferences that do not separately specify an expiration date.
Requires taxpayers to report the amount of tax incentive utilized to the Department of Revenue (DOR), regardless of the type of tax preference.
Requires taxpayers designating creating jobs or increasing industry competitiveness as the new tax preference general purpose, to file an annual survey with the DOR.
Allows data collected by the DOR to be disclosed, unless the taxpayer can show economic hardship by disclosure of the data or the tax benefit to the taxpayer is $10,000 or less for the calendar year.
Requires the Joint Legislative Audit and Review Committee to provide recommendations, by January 1, 2015, regarding specific criteria to include in a tax performance statement to ensure useful data collection for tax performance reviews.
From the Engrossed House Bill Report (ESB 5843), written by the Legislature's nonpartisan staff. Read the full report ↗
Did not passDid not pass · passed Senate, stalled in House
AN ACT Relating to strengthening the review of the legislature's goals for tax preferences by requiring that every new tax preference provide a statement of legislative intent and include an expiration date where applicable;