Bill
SB 651
SB 651 mandates clear disclosure and evaluation of tax expenditures, enhancing transparency for taxpayers and enabling lawmakers to make informed fiscal decisions.
Bill Number: SB 651
Introduced On: January 17, 2025
Current Status: Referred to the Ways and Means Committee (WAM)
Classification: Bill
Subject: Disclosure, Tax Expenditure Accountability, Tax Expenditures
The primary purpose of SB 651 is to enhance transparency and accountability regarding tax expenditures within the state. Tax expenditures refer to the various tax benefits, such as deductions, credits, and exemptions, that reduce the amount of tax revenue collected by the government. This bill aims to ensure that these expenditures are properly disclosed and evaluated, allowing for better oversight and informed decision-making by lawmakers and the public.
SB 651 includes several important provisions designed to improve tax expenditure accountability:
Disclosure Requirements: The bill mandates that all tax expenditures be clearly documented and made publicly available. This includes detailed descriptions of each expenditure, its purpose, and the estimated fiscal impact.
Evaluation Process: The bill establishes a framework for the periodic evaluation of tax expenditures. This process will assess the effectiveness and efficiency of each expenditure in achieving its intended goals.
Reporting Obligations: State agencies responsible for administering tax expenditures will be required to submit annual reports detailing the outcomes and fiscal impacts of these expenditures.
Public Access: The information regarding tax expenditures will be made accessible to the public through an online platform, promoting transparency and enabling citizens to understand how tax dollars are being utilized.
The implementation of SB 651 would impact several stakeholders, including:
State Government: Agencies responsible for tax administration and fiscal policy will need to adapt to the new reporting and evaluation requirements.
Taxpayers: Citizens will benefit from increased transparency regarding how tax expenditures affect state revenue and public services.
Legislators: Lawmakers will have access to more comprehensive data, allowing for better-informed decisions regarding tax policy and budget allocations.
The bill is currently under consideration by the Ways and Means Committee, where it will be reviewed and potentially amended before further legislative action.
SB 651 represents a significant step towards improving tax expenditure accountability in the state. By establishing clear disclosure and evaluation processes, the bill aims to foster greater transparency in government spending and enhance public trust in fiscal management. As the bill progresses through the legislative process, its potential impacts on state policy and taxpayer awareness will be closely monitored.
Compiled from official sources — confirm details with the bill’s official record.
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