AL SB119

Legislative Fiscal Office shall prepare and submit an annual tax expenditure report to the Legislature beginning in the 2017 Regular Session, listing all state tax expenditures and their estimated costs.

Tax expenditures are defined as state revenue losses from constitutional provisions, tax statutes, or rules allowing special exclusions, exemptions, deductions, special credits, or preferential tax rates.

Annual report must include each tax exemption with its constitutional and/or statutory citation and revenue loss estimates for the most recently completed fiscal year.

Legislative Fiscal Office may request information from the Department of Revenue and other state or local agencies necessary to complete the report, with aggregated information disclosed transparently despite confidentiality provisions.

House Ways and Means Education Committee and Senate Finance and Taxation - Education Committee shall conduct joint hearings on the tax expenditure report every even-numbered year, concluding by the tenth legislative day of the regular session.