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OH HB671
Bill
Status
11/18/2014
Primary Sponsor
Kirk Schuring
Click for details
AI Summary
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Requires the Department of Taxation to conduct a cost-benefit analysis of all existing tax credits within 13 months of the act's effective date, with findings reported to the Governor and legislative leadership.
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Mandates that before any tax credit bill can be scheduled for a committee vote, the Department of Taxation must complete a cost-benefit analysis and provide the report to all committee members.
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Allows the public to submit evidence regarding the costs or benefits of tax credits under review before the Department issues its analysis report.
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Authorizes the Department of Taxation to contract with a state institution of higher education to assist with analyzing costs and benefits of tax credits.
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Appropriates $200,000 in fiscal year 2015 to the Department of Taxation's Operating Expenses for conducting the required cost-benefit analyses.
Legislative Description
To require the Department of Taxation to conduct a one-time cost-benefit analysis of all existing tax credits, to appropriate $200,000 for that purpose, and to require that, before a new tax credit may be enacted, the Department must conduct a cost-benefit analysis of the proposed credit.
Cost-benefit analysis-existing & proposed new tax credits
Last Action
To Finance and Appropriations
11/18/2014