HI HB1270

Requires persons claiming specified tax credits, exclusions, or exemptions to file annual statistical reports with the Department of Taxation by June 30 each year, documenting tax amounts claimed, jobs created, job quality standards, recaptured credits, and program conformance.

Imposes penalties of $1,000 per month (maximum $6,000 per report) on taxpayers who fail to file required annual statistical reports or omit required data.

Directs the Department of Taxation to compile aggregate summary statistics and study the effectiveness of 30 identified tax credits, exclusions, and exemptions, reporting findings to the legislature by December 1 annually.

Establishes legislative intent to provide oversight of approximately $1 billion in annual tax expenditures, subjecting them to review similar to core government programs like education, public safety, and healthcare.

Becomes effective July 1, 2050.