SB1020 Summary

• Amends the joint legislative income tax credit review committee composition to include 5 House members from ways and means and 5 Senate members from finance, with no more than 3 from the same political party for each chamber.

• Requires the committee to establish a standard for evaluating tax credits that includes the credit's history, rationale, estimated revenue impact, and whether it has provided measurable economic benefits to the state.

• Adds a new evaluation criterion to assess whether adequate protections exist to prevent the fiscal impact of tax credits from substantially increasing beyond original projections.

• Maintains the committee's authority to review tax credits on a prescribed schedule and recommend whether credits should be amended, repealed, or retained.

• Requires the committee to submit its findings and recommendations to the Senate President, House Speaker, and Governor by December 15 of the review year, with copies to the Secretary of State.