OH HB731

Requires the Tax Commissioner to include information on property tax exemptions in the biennial tax expenditure report, submitted by November 1st of each even-numbered year.

Defines "property tax exemption" as a Revised Code provision that exempts or authorizes subdivisions to exempt all or part of the value of real or tangible personal property from taxation.

Creates a Tax Expenditure Review Committee with 7 members (3 House, 3 Senate, 1 Tax Commissioner) to periodically review tax expenditures and property tax exemptions.

Requires the committee to establish an 8-year review schedule for all tax expenditures and property tax exemptions and make recommendations on whether each should be continued, modified, or repealed.

Mandates the committee submit reports by July 1st of each even-numbered year to legislative leaders and requires bills modifying tax expenditures or exemptions to include statements explaining their objectives and sponsors' intent.