SB 5216: Tax preferences

Summary

• Establishes new tax preference data collection requirements for the Department of Revenue (DOR).
• Authorizes public disclosure of certain state tax information for nonprofit organizations, governmental entities, and tax preference recipients.
• Requires the Joint Legislative Audit and Review Committee Review to evaluate the senior citizen and disabled persons property tax relief program and the research and development tax incentives.
• Authorizes legislators to request additional information on fiscal notes for tax preferences.
• Requires any new tax preference for economic development that applies to a limited number of taxpayers to include a provision requiring the repayment of any tax savings if the specified employment or wage standards contained in a tax preference performance statement are not met.
• Increases the report frequency and establishes new requirements for the tax exemption study submitted to the Legislature by DOR.

From the Senate Bill Report (SB 5216), written by the Legislature's nonpartisan staff. Read the full report ↗