HI SB2547

Requires the state auditor to periodically review tax exemptions, exclusions, and credits under the general excise and use taxes, public service company tax, and insurance premium tax.

For each exemption, exclusion, or credit under review, the auditor must determine tax expenditure amounts for the previous three fiscal years and estimate amounts for the current and next two fiscal years.

The auditor must assess whether each exemption achieves its legislative purpose, promotes tax equity or efficiency, and quantify any economic or employment benefits compared to costs.

The auditor must estimate the annual cost per low-income resident by dividing the tax expenditure by the number of state residents with income at or below eighty percent of area median income.

Establishes staggered review schedule beginning in 2018 and repeating every ten years, with auditor recommendations submitted to the legislature and governor no later than twenty days before the next regular session; takes effect July 1, 2017.