Summary: The Tax Expenditure Sunset Act requires that all tax expenditures shall automatically expire in five years unless renewed by the legislature.
SECTION 1. SHORT TITLE
This Act shall be called the “Tax Expenditure Sunset Act.”
SECTION 2. FINDINGS AND PURPOSE
(A) FINDINGS—The legislature finds that:
(B) PURPOSE—This law is enacted to protect taxpayers…
SECTION 3. TAX EXPENDITURE SUNSET
After section XXX, the following new section XXX shall be inserted:
(A) DEFINITIONS—In this section:
“Tax expenditure” means any tax provision which exempts, in whole or in part, certain persons, income, goods, services, or property from the impact of established taxes, including, but not limited to tax deductions, tax allowances, tax exclusions, tax credits and tax exemptions.