CA AB2641

Requires the Legislature to review all tax expenditures on and after January 1, 2014, and every fifth year thereafter to ensure only those with measurable benefits are provided by the state.

Defines "tax expenditures subject to limitation" as tax credits, deductions, exemptions, and other benefits enacted on or after this section's effective date, which shall automatically expire on January 1 of the fifth calendar year after enactment unless extended by statute.

Requires the Legislature to assess whether tax expenditures not subject to limitation (those enacted before this section's effective date) meet their stated objectives and provide measurable benefits, with authority to restrict or eliminate those that fail.

Any restriction or elimination of tax expenditures must be revenue-neutral, with revenue increases offset by equal or greater amounts through other tax expenditures.

Defines "measurable benefit" as a metric that quantifies the social, economic, or other public benefit to the state attributable to the tax expenditure.