SB57 Summary

• Changes state agency reporting deadlines for economic tax incentives from December 31 to the second legislative day of the regular session, and requires the House Ways and Means and Senate Finance and Taxation committees to conduct joint hearings on reports every odd-numbered year to be concluded 30 days before the regular session begins.

• Establishes a sunset date of December 31, 2023 for all existing tax incentives, credits, or abatements without prescribed expiration dates, unless extended by legislative action during the 2023 Regular Session.

• Limits extensions of tax incentives to a maximum of five years from the end of the 2023 Regular Session and requires all extended programs to comply with annual reporting requirements.

• Requires all new economic tax incentive legislation beginning in the 2023 Regular Session to include tax credit performance statements, five-year expiration dates, annual spending limits, carryforward restrictions to five years, single-transaction credit transfer limits, and pre-certification requirements for certain credits.

• Requires taxpayers claiming new tax credits to report the amount claimed to the Department of Revenue as part of regular tax reporting responsibilities beginning in tax years after December 31, 2023.