Honorable Steve Ogden, Chair, Senate Committee on Finance
FROM:
John S O'Brien, Director, Legislative Budget Board
IN RE:
SJR53 by Ellis (Proposing a constitutional amendment requiring the periodic review of state and local tax preferences and providing an expiration date for certain tax preferences.), As Introduced
No significant fiscal implication to the State is anticipated, other than the cost of publication.
The cost to the state for publication of the resolution is $105,495.
The proposed constitutional amendment would require the Legislature to define the term “tax preference” and periodically review the defined state and local tax preferences. Tax preferences that were put into place on or after September 1, 2012 would automatically sunset after 6 years, unless and earlier or later expiration date was set by the Legislature.
The proposed constitutional amendment would be submitted to voters at an election to be held on November 8, 2011.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.