To enact section 5703.95 of the Revised Code to require the Department of Taxation to conduct a one-time cost-benefit analysis of all existing tax credits, to appropriate $200,000 for that purpose, and to require that, before a new tax credit may be enacted, the Department must conduct a cost-benefit analysis of the proposed credit.

Section 1.  That section 5703.95 of the Revised Code be enacted to read as follows:

Sec. 5703.95.  (A) As used in this section:

(1) "Tax credit" means any credit allowed against a tax administered by the department of taxation other than a credit solely to reconcile excess tax payments or remittances.

(2) "Tax credit bill" means a bill introduced in the house of representatives or the senate that proposes to enact one or more tax credits.

(3) "State institution of higher education" has the same meaning as in section 3345.011 of the Revised Code.

(B) Before a tax credit bill may be scheduled for a vote in any legislative committee, the department of taxation shall conduct a cost-benefit analysis of the proposed tax credit and prepare a report of its findings and recommendations. The department shall provide a copy of the report to each member of the legislative committee to which the bill has been referred.

(C) The department of taxation may contract with a state institution of higher education to assist in analyzing the costs and benefits of the proposed tax credit and in preparing the report of its findings and recommendations.

Section 2.  (A) As used in this section:

(1) "Tax credit" means any credit allowed against a tax administered by the Department of Taxation other than a credit solely to reconcile excess tax payments or remittances.

(2) "Tax credit bill" means a bill introduced in the House of Representatives or the Senate that proposes to enact one or more tax credits.

(3) "Institution of higher education" has the same meaning as in section 3345.011 of the Revised Code.

(B) On or before the first day of the thirteenth month after the effective date of this act, the Department of Taxation shall conduct a cost-benefit analysis of all existing tax credits and prepare a report of its findings and recommendations. The Department shall provide a copy of the report to the Governor, the President and Minority Leader of the Senate, and the Speaker and Minority Leader of the House of Representatives. Before issuing the report, the Department shall allow any person to provide the Department with evidence related to the costs or benefits of each tax credit under review.

(C) The Department of Taxation may contract with a state institution of higher education to assist in analyzing the costs and benefits of each tax credit under review and in preparing the report of its findings and recommendations.

Section 3.  All items in this section are hereby appropriated as designated out of any moneys in the state treasury to the credit of the designated fund. For all appropriations made in this act, those in the first column are for fiscal year 2014 and those in the second column are for fiscal year 2015. The appropriations made in this act are in addition to any other appropriations made for the FY 2014-FY 2015 biennium.

General Revenue Fund

TAX CREDIT REVIEW

The foregoing appropriation item 110321, Operating Expenses, shall be used to conduct the cost-benefit analysis required under Section 2 of this act.

Within the limits set forth in this act, the Director of Budget and Management shall establish accounts indicating the source and amount of funds for each appropriation made in this act, and shall determine the form and manner in which appropriation accounts shall be maintained. Expenditures from appropriations contained in this act shall be accounted for as though made in Am. Sub. H.B. 59 of the 130th General Assembly.

The appropriations made in this act are subject to all provisions of Am. Sub. H.B. 59 of the 130th General Assembly that are generally applicable to such appropriations.