Introduced by Sen. Hoon-Yung Hopgood (D) on March 13, 2012, to create a commission selected by legislative leaders of both the majority and minority parties to evaluate and determine whether each item on a list of so-called “tax expenditures” is “generating a good return on investment.” This $33 billion list mostly consists of potential expansions of various taxes paid by individuals (examples include repeal of the 18 mill principle residence property tax exemption, the state income tax personal exemption, and the sales tax on food exemption), but also contains selective “corporate welfare” type tax breaks given only to certain firms or industries (which are often cash subsidies styled as “refundable tax credits”). Full Text and Analysis.
Referred to the Senate Appropriations Committee on March 13, 2012.
Reported in the Senate on April 17, 2012, with the recommendation that the bill be referred to the Committee on Finance.
Referred to the Senate Finance Committee on April 17, 2012.