HB 12-1039 Summary

• Prohibits appropriations committees in either house from passing bills that require tax expenditures or result in decreased state revenue or increased general fund spending unless the bill identifies equivalent offsets or revenue increases.

• Applies prior to passage of the annual general appropriation act during each regular or special legislative session.

• Defines "tax expenditure" to include deductions from taxable income, tax credits, tax exemptions, lowering of tax rates, elimination of taxes, and elimination or reduction of fees.

• Requires bills with specified budget impacts to identify equivalent decreases in expenditures, offsets to the general fund, or sufficient revenue increases for the next state fiscal year and any other fiscal year when new tax expenditures would be implemented.