The proposed bill, if enacted, would amend current statutes by introducing new definitions and regulations regarding the use of public resources by public entities. It would change the chapter heading from "PUBLIC PROGRAMS" to "PUBLIC RESOURCES" and add a new article that defines key terms such as "consideration," "control," "public entity," "public purpose," and "public resources." These definitions clarify that public resources can only be used for public purposes, which do not include subsidies or aid to private entities for economic development.

Additionally, the bill would prohibit public entities from spending, loaning, or allowing the use of public resources unless the expenditure serves a public purpose, is supported by consideration, and is under the continuing control of the public entity. It would also empower the Attorney General or taxpayers to challenge such expenditures in court, with plaintiffs prevailing if they can demonstrate that the challenged actions do not meet the specified criteria. The legislation would be known as the "Taxpayer Protection Act" and would take effect on the general effective date.