The act creates the legislative oversight committee concerning tax policy (committee) and the associated task force (task force).
The committee is required to annually define in writing, no later than the second meeting of the year, the scope of tax policy to be considered for the committee and the task force. The committee is responsible for considering the policy considerations contained in the tax expenditure evaluations prepared by the state auditor. The committee is responsible for the oversight of the task force. The committee may recommend legislative changes that are treated as bills recommended by an interim legislative committee.
The task force is required to study tax policy within its scope as annually defined by the committee and is required to develop and propose for committee consideration any tax policy and legislative recommendations.
The task force is also authorized, with approval from the committee chair in consultation with the committee vice-chair, to provide evidence-based feedback on the potential benefits or consequences of a legislative or other policy proposal not directly affiliated with or generated by the task force, including any bill or resolution introduced by the general assembly that affects tax policy.
(Note: This summary applies to this bill as enacted.)