Creating a legislative tax credit review committee as a committee of the legislative council

This bill creates a legislative tax credit review committee (committee) as part of the legislative council to review specified tax credits. The committee shall be composed of members of the general assembly appointed by the legislative council, consisting of five from each house, three from each majority party, and two from the minority party. The committee is charged with evaluating a specified list of tax credits and incentives listed in the bill each even-numbered and odd-numbered year, so that the full list is reviewed every two years. The tax credit review list contains the tax credits and incentives listed in the most recent tax credits contingent liabilities report published by the department of revenue and not previously repealed by the general assembly. The committee is required to review tax credits and incentives using a public meeting format that invites substantial and meaningful input and comment from both subject matter experts and the general public. Each year, the committee is required to conduct at least one public meeting for each tax credit or incentive reviewed, and no more than one tax credit or incentive shall be reviewed at each meeting. Public notice of the time and place must be provided at least five days prior to each meeting. In reviewing tax credits and incentives, the committee is required to make certain assessments as described in the bill and to produce reports containing certain information as described in the bill.