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To enact section 5703.95 of the Revised Code to | 1 |
require the Department of Taxation to conduct a | 2 |
one-time cost-benefit analysis of all existing tax | 3 |
credits, to appropriate $200,000 for that purpose, | 4 |
and to require that, before a new tax credit may | 5 |
be enacted, the Department must conduct a | 6 |
cost-benefit analysis of the proposed credit. | 7 |
Section 1. That section 5703.95 of the Revised Code be | 8 |
enacted to read as follows: | 9 |
Sec. 5703.95. (A) As used in this section: | 10 |
(1) "Tax credit" means any credit allowed against a tax | 11 |
administered by the department of taxation other than a credit | 12 |
solely to reconcile excess tax payments or remittances. | 13 |
(2) "Tax credit bill" means a bill introduced in the house of | 14 |
representatives or the senate that proposes to enact one or more | 15 |
tax credits. | 16 |
(3) "State institution of higher education" has the same | 17 |
meaning as in section 3345.011 of the Revised Code. | 18 |
(B) Before a tax credit bill may be scheduled for a vote in | 19 |
any legislative committee, the department of taxation shall | 20 |
conduct a cost-benefit analysis of the proposed tax credit and | 21 |
prepare a report of its findings and recommendations. The | 22 |
department shall provide a copy of the report to each member of | 23 |
the legislative committee to which the bill has been referred. | 24 |
(C) The department of taxation may contract with a state | 25 |
institution of higher education to assist in analyzing the costs | 26 |
and benefits of the proposed tax credit and in preparing the | 27 |
report of its findings and recommendations. | 28 |
Section 2. (A) As used in this section: | 29 |
(1) "Tax credit" means any credit allowed against a tax | 30 |
administered by the Department of Taxation other than a credit | 31 |
solely to reconcile excess tax payments or remittances. | 32 |
(2) "Tax credit bill" means a bill introduced in the House of | 33 |
Representatives or the Senate that proposes to enact one or more | 34 |
tax credits. | 35 |
(3) "Institution of higher education" has the same meaning as | 36 |
in section 3345.011 of the Revised Code. | 37 |
(B) On or before the first day of the thirteenth month after | 38 |
the effective date of this act, the Department of Taxation shall | 39 |
conduct a cost-benefit analysis of all existing tax credits and | 40 |
prepare a report of its findings and recommendations. The | 41 |
Department shall provide a copy of the report to the Governor, the | 42 |
President and Minority Leader of the Senate, and the Speaker and | 43 |
Minority Leader of the House of Representatives. Before issuing | 44 |
the report, the Department shall allow any person to provide the | 45 |
Department with evidence related to the costs or benefits of each | 46 |
tax credit under review. | 47 |
(C) The Department of Taxation may contract with a state | 48 |
institution of higher education to assist in analyzing the costs | 49 |
and benefits of each tax credit under review and in preparing the | 50 |
report of its findings and recommendations. | 51 |
Section 3. All items in this section are hereby appropriated | 52 |
as designated out of any moneys in the state treasury to the | 53 |
credit of the designated fund. For all appropriations made in this | 54 |
act, those in the first column are for fiscal year 2014 and those | 55 |
in the second column are for fiscal year 2015. The appropriations | 56 |
made in this act are in addition to any other appropriations made | 57 |
for the FY 2014-FY 2015 biennium. | 58 |
59 | |
General Revenue Fund | 60 |
GRF | 110321 | Operating Expenses | $ | 0 | $ | 200,000 | 61 | ||||
TOTAL GRF General Revenue Fund | $ | 0 | $ | 200,000 | 62 | ||||||
TOTAL ALL BUDGET FUND GROUPS | $ | 0 | $ | 200,000 | 63 |
TAX CREDIT REVIEW | 64 |
The foregoing appropriation item 110321, Operating Expenses, | 65 |
shall be used to conduct the cost-benefit analysis required under | 66 |
Section 2 of this act. | 67 |
Within the limits set forth in this act, the Director of | 68 |
Budget and Management shall establish accounts indicating the | 69 |
source and amount of funds for each appropriation made in this | 70 |
act, and shall determine the form and manner in which | 71 |
appropriation accounts shall be maintained. Expenditures from | 72 |
appropriations contained in this act shall be accounted for as | 73 |
though made in Am. Sub. H.B. 59 of the 130th General Assembly. | 74 |
The appropriations made in this act are subject to all | 75 |
provisions of Am. Sub. H.B. 59 of the 130th General Assembly that | 76 |
are generally applicable to such appropriations. | 77 |