CA AB2638

Requires the Department of Finance to include anticipated revenue loss in its annual tax expenditure report to the Legislature, adjusted for economic growth, statutory changes, and other specified factors.

Mandates the State Board of Equalization and Franchise Tax Board to submit annual reports by December 1 detailing fiscal and tax effects of tax expenditures exceeding $5,000,000 in annual revenue loss from sales, personal income, and corporation taxes.

Requires detailed reporting on tax expenditures including revenue loss estimates by industry code, adjusted gross income, tax liability, region, and comparative usage data from other states.

Requires the Director of Finance to include in the Governor's Budget submission an estimate of revenue loss for each tax expenditure exceeding $5,000,000 in annual cost for the upcoming fiscal year.

Effective date established as January 1, 2007, with bill passage occurring August 21-24, 2012.