CA AB545

Requests the University of California Regents to conduct a comprehensive assessment of major tax expenditures (those costing $1 billion or more over the previous 10 fiscal years without sunset provisions or efficacy reporting requirements).

Requires the Franchise Tax Board and California Department of Tax and Fee Administration to provide aggregate or anonymized taxpayer information necessary for the UC study, with unauthorized disclosure classified as a misdemeanor.

Mandates the UC to evaluate legislative intent, beneficiaries, affected returns, General Fund costs, effectiveness, economic impacts, modification options, and comparisons to other states' tax incentives for each major tax expenditure.

Requires UC to submit a comprehensive report to the Legislature by January 1, 2024, and mandates the Senate Committee on Governance and Finance and Assembly Committee on Revenue and Taxation to hold a joint public hearing on the report by August 15, 2024.

Sunsets and repeals the entire section on February 15, 2025.