AL SB208

State agencies administering tax credits, deductions, exemptions, abatements, preferential rates, or rebates must file annual reports to the Legislature beginning in the 2018 Regular Session.

Reports must assess each economic tax incentive based on whether it meets its intended purpose, achieves positive return on investment for the state, and produces any unintended effects or conflicts with other laws.

Proprietary or trade secret information and taxpayer record confidentiality are protected from disclosure in the reports.

Department of Revenue shall develop a standardized format for all agency reports and may request necessary information from other state and local agencies.

House Ways and Means Committees and Senate Finance and Taxation Committees shall conduct hearings on the reports every odd-numbered year, concluding thirty days before the Regular Session, and provide recommendations to modify, discontinue, or maintain each credit.