FL S1354

Requires the Legislative Budget Commission's long-range financial outlook to delineate projected revenues attributable to tax preferences.

Defines "tax preference" as exemptions, allowances, exclusions, credits, preferential rates, deductions, or deferrals under specified tax chapters enacted after July 1, 2017.

Establishes automatic repeal of new or substantially amended tax preferences after 5 years unless the Legislature reenacts them, with reenactments required to include the identifiable public purpose.

Requires tax preferences enacted before July 1, 2017 to be reviewed and reenacted by July 1, 2022 to remain in effect, and establishes a review schedule for 2018-2022 legislative sessions.

Requires the Legislature to consider whether tax preferences serve their public purpose and to estimate forgone revenues during the review process; provides liability protections for the state regarding repeal or reenactment of tax preferences.