OH HB590

Creates a 9-member Tax Expenditure Review Committee composed of chairs and ranking minority members from both chambers' tax committees, two House members appointed by the Speaker, two Senate members appointed by the President, and one member appointed by the Governor.

Committee must establish an 8-year review schedule for all existing tax expenditures, with recommendations on whether each should continue without modification, be modified, be scheduled for future repeal review, or be repealed outright.

Requires all proposed tax expenditure bills to include a statement explaining the bill's objectives and sponsor's intent, and mandates committee review of such bills before they can be scheduled for a legislative committee vote.

Committee must meet at least once during the first year of each fiscal biennium to review existing expenditures and at the call of the chairperson to review proposed expenditures; is subject to public meeting requirements.

Committee shall submit a report of its determinations by June 30 of each even-numbered year to the Governor, legislative leaders, and minority leaders in both chambers, evaluating tax expenditures based on factors including fiscal impact, achievement of public policy objectives, and economic effects.