AK SB5

Establishes the "Tax Break Transparency Act" requiring the legislature to include a statement of rationale and purpose for any bill creating a tax expenditure.

Mandates the Department of Revenue annually publish statistics on tax expenditures including the annual sum by type, number of benefitting taxpayers, current year estimates, and administration costs.

Requires the legislative finance division to analyze tax expenditures exceeding $1,000,000 to determine if they achieve their intended purpose, with existing expenditures analyzed once between July 1, 2012 and January 1, 2018, and new expenditures analyzed after seven years or one year before delayed repeal.

Allows the Department of Revenue to share confidential tax information with the legislative finance division under a confidentiality agreement for purposes of completing tax expenditure analyses.

Modifies confidentiality restrictions on tax information to permit disclosure as provided in the tax expenditure reporting and analysis provisions.