CA SB1349

Establishes the California Tax Expenditure Review Board as a 5-member independent advisory body composed of the Controller (chair), Legislative Analyst, State Auditor, Director of Finance, and a Government Operations designee, all serving without compensation

Defines "major tax expenditure" as one exceeding $1 billion in foregone revenue over the previous 10 fiscal years that lacks a repeal date or efficacy reporting requirements, excluding certain personal income tax, charitable deduction, and nonprofit exemptions

Requires the board to hold public meetings by October 2027 to schedule comprehensive assessments by the Legislative Analyst's Office, with final scheduling due by January 31, 2028, prioritizing expenditures based on General Fund impact

Mandates assessments include beneficiary descriptions, job creation data (with demographic breakdowns), environmental impacts, General Fund losses, and effects on Proposition 98 education funding

Board must submit compiled recommendations to the Legislature by January 1, 2029, followed by a joint hearing by August 15 of the second year of the legislative session, after which the provisions sunset