(a) Before each regular session of the General Assembly, the Secretary of the Department of Finance and Administration shall report to the Legislative Council and the Governor on the effect of each exemption, discount, credit, and deduction relating to state income tax and state sales and use tax. (b) (1) In preparing the report required under subsection (a) of this section, if actual data is not available, the secretary shall use available statistical data to estimate the effect of each exemption, discount, credit, and deduction. (2) If the secretary concludes that the effect of an exemption, discount, credit, or deduction cannot be determined, the secretary shall include in the report a complete explanation of why he or she reached that conclusion. (c) The report required under subsection (a) of this section: (1) Shall include: (A) An analysis of each exemption, discount, credit, and deduction that reduces the amount of tax payable, including without limitation: (i) An estimate of the loss of revenue for a six-year period beginning with the fiscal year in which the report is submitted; and (ii) A citation to the statutory or other legal authority for the exemption, discount, credit, or deduction; and (B) For an exemption, discount, credit, or deduction that reduces revenue by more than one percent (1%) of the total revenue for the relevant tax, the effect of the exemption, discount, credit, or deduction on: (i) The distribution of the tax burden by: (a) Income class; and (b) Industry or business class; and (ii) Total income by income class; and (2) May include: (A) An assessment of the intended purpose of each exemption, discount, credit, and deduction and whether the exemption, discount, credit, or deduction is achieving that purpose; and (B) A recommendation for retaining, eliminating, or amending the law related to each exemption, discount, credit, and deduction. (d) (1) The secretary may request from any state officer or state agency information necessary to complete the report required under subsection (a) of this section. (2) Each state officer and state agency shall cooperate with the secretary in providing information or analysis for the report required under subsection (a) of this section. Added by Act 2019, No. 819,§ 17, eff. 5/1/2021. (a) Before each regular session of the General Assembly, the Secretary of the Department of Finance and Administration shall report to the Legislative Council and the Governor on the effect of each exemption, discount, credit, and deduction relating to state income tax and state sales and use tax. (b) (1) In preparing the report required under subsection (a) of this section, if actual data is not available, the secretary shall use available statistical data to estimate the effect of each exemption, discount, credit, and deduction. (2) If the secretary concludes that the effect of an exemption, discount, credit, or deduction cannot be determined, the secretary shall include in the report a complete explanation of why he or she reached that conclusion. (c) The report required under subsection (a) of this section: (1) Shall include: (A) An analysis of each exemption, discount, credit, and deduction that reduces the amount of tax payable, including without limitation: (i) An estimate of the loss of revenue for a six-year period beginning with the fiscal year in which the report is submitted; and (ii) A citation to the statutory or other legal authority for the exemption, discount, credit, or deduction; and (B) For an exemption, discount, credit, or deduction that reduces revenue by more than one percent (1%) of the total revenue for the relevant tax, the effect of the exemption, discount, credit, or deduction on: (i) The distribution of the tax burden by: (a) Income class; and (b) Industry or business class; and (ii) Total income by income class; and (2) May include: (A) An assessment of the intended purpose of each exemption, discount, credit, and deduction and whether the exemption, discount, credit, or deduction is achieving that purpose; and (B) A recommendation for retaining, eliminating, or amending the law related to each exemption, discount, credit, and deduction. (d) (1) The secretary may request from any state officer or state agency information necessary to complete the report required under subsection (a) of this section. (2) Each state officer and state agency shall cooperate with the secretary in providing information or analysis for the report required under subsection (a) of this section. Added by Act 2019, No. 819,§ 17, eff. 5/1/2021. (a) Before each regular session of the General Assembly, the Secretary of the Department of Finance and Administration shall report to the Legislative Council and the Governor on the effect of each exemption, discount, credit, and deduction relating to state income tax and state sales and use tax. (b) (1) In preparing the report required under subsection (a) of this section, if actual data is not available, the secretary shall use available statistical data to estimate the effect of each exemption, discount, credit, and deduction. (2) If the secretary concludes that the effect of an exemption, discount, credit, or deduction cannot be determined, the secretary shall include in the report a complete explanation of why he or she reached that conclusion. (c) The report required under subsection (a) of this section: (1) Shall include: (A) An analysis of each exemption, discount, credit, and deduction that reduces the amount of tax payable, including without limitation: (i) An estimate of the loss of revenue for a six-year period beginning with the fiscal year in which the report is submitted; and (ii) A citation to the statutory or other legal authority for the exemption, discount, credit, or deduction; and (B) For an exemption, discount, credit, or deduction that reduces revenue by more than one percent (1%) of the total revenue for the relevant tax, the effect of the exemption, discount, credit, or deduction on: (i) The distribution of the tax burden by: (a) Income class; and (b) Industry or business class; and (ii) Total income by income class; and (2) May include: (A) An assessment of the intended purpose of each exemption, discount, credit, and deduction and whether the exemption, discount, credit, or deduction is achieving that purpose; and (B) A recommendation for retaining, eliminating, or amending the law related to each exemption, discount, credit, and deduction. (d) (1) The secretary may request from any state officer or state agency information necessary to complete the report required under subsection (a) of this section. (2) Each state officer and state agency shall cooperate with the secretary in providing information or analysis for the report required under subsection (a) of this section. Added by Act 2019, No. 819,§ 17, eff. 5/1/2021. (a) Before each regular session of the General Assembly, the Secretary of the Department of Finance and Administration shall report to the Legislative Council and the Governor on the effect of each exemption, discount, credit, and deduction relating to state income tax and state sales and use tax. (b) (1) In preparing the report required under subsection (a) of this section, if actual data is not available, the secretary shall use available statistical data to estimate the effect of each exemption, discount, credit, and deduction. (2) If the secretary concludes that the effect of an exemption, discount, credit, or deduction cannot be determined, the secretary shall include in the report a complete explanation of why he or she reached that conclusion. (1) In preparing the report required under subsection (a) of this section, if actual data is not available, the secretary shall use available statistical data to estimate the effect of each exemption, discount, credit, and deduction. (2) If the secretary concludes that the effect of an exemption, discount, credit, or deduction cannot be determined, the secretary shall include in the report a complete explanation of why he or she reached that conclusion. (c) The report required under subsection (a) of this section: (1) Shall include: (A) An analysis of each exemption, discount, credit, and deduction that reduces the amount of tax payable, including without limitation: (i) An estimate of the loss of revenue for a six-year period beginning with the fiscal year in which the report is submitted; and (ii) A citation to the statutory or other legal authority for the exemption, discount, credit, or deduction; and (B) For an exemption, discount, credit, or deduction that reduces revenue by more than one percent (1%) of the total revenue for the relevant tax, the effect of the exemption, discount, credit, or deduction on: (i) The distribution of the tax burden by: (a) Income class; and (b) Industry or business class; and (ii) Total income by income class; and (2) May include: (A) An assessment of the intended purpose of each exemption, discount, credit, and deduction and whether the exemption, discount, credit, or deduction is achieving that purpose; and (B) A recommendation for retaining, eliminating, or amending the law related to each exemption, discount, credit, and deduction. (1) Shall include: (A) An analysis of each exemption, discount, credit, and deduction that reduces the amount of tax payable, including without limitation: (i) An estimate of the loss of revenue for a six-year period beginning with the fiscal year in which the report is submitted; and (ii) A citation to the statutory or other legal authority for the exemption, discount, credit, or deduction; and (B) For an exemption, discount, credit, or deduction that reduces revenue by more than one percent (1%) of the total revenue for the relevant tax, the effect of the exemption, discount, credit, or deduction on: (i) The distribution of the tax burden by: (a) Income class; and (b) Industry or business class; and (ii) Total income by income class; and (A) An analysis of each exemption, discount, credit, and deduction that reduces the amount of tax payable, including without limitation: (i) An estimate of the loss of revenue for a six-year period beginning with the fiscal year in which the report is submitted; and (ii) A citation to the statutory or other legal authority for the exemption, discount, credit, or deduction; and (i) An estimate of the loss of revenue for a six-year period beginning with the fiscal year in which the report is submitted; and (ii) A citation to the statutory or other legal authority for the exemption, discount, credit, or deduction; and (B) For an exemption, discount, credit, or deduction that reduces revenue by more than one percent (1%) of the total revenue for the relevant tax, the effect of the exemption, discount, credit, or deduction on: (i) The distribution of the tax burden by: (a) Income class; and (b) Industry or business class; and (ii) Total income by income class; and (i) The distribution of the tax burden by: (a) Income class; and (b) Industry or business class; and (a) Income class; and (b) Industry or business class; and (ii) Total income by income class; and (2) May include: (A) An assessment of the intended purpose of each exemption, discount, credit, and deduction and whether the exemption, discount, credit, or deduction is achieving that purpose; and (B) A recommendation for retaining, eliminating, or amending the law related to each exemption, discount, credit, and deduction. (A) An assessment of the intended purpose of each exemption, discount, credit, and deduction and whether the exemption, discount, credit, or deduction is achieving that purpose; and (B) A recommendation for retaining, eliminating, or amending the law related to each exemption, discount, credit, and deduction. (d) (1) The secretary may request from any state officer or state agency information necessary to complete the report required under subsection (a) of this section. (2) Each state officer and state agency shall cooperate with the secretary in providing information or analysis for the report required under subsection (a) of this section. (1) The secretary may request from any state officer or state agency information necessary to complete the report required under subsection (a) of this section. (2) Each state officer and state agency shall cooperate with the secretary in providing information or analysis for the report required under subsection (a) of this section.
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