OH HB255

Creates a Tax Expenditure Review Committee composed of six legislators (three from each chamber, bipartisan) and the tax commissioner as a nonvoting member to periodically review tax expenditures and property tax exemptions.

Requires the committee to establish an eight-year review schedule ensuring each tax expenditure and property tax exemption is reviewed at least once every eight years.

Mandates the Department of Taxation to include information about property tax exemptions in its biennial tax expenditure report submitted to the governor by November 1st of each even-numbered year.

Requires the Tax Expenditure Review Committee to submit a report by July 1st of each even-numbered year recommending whether each reviewed provision should be continued, modified, scheduled for future review, or repealed.

Requires bills proposing new or modified tax expenditures or property tax exemptions to include a statement explaining the objectives and sponsor's intent.