Senate Bill No. 448, identified as File No. 530, proposes the establishment of a working group with the purpose of examining existing tax expenditures in the state of Connecticut. The goal of this working group is to simplify the state tax code by identifying tax expenditures that are redundant, obsolete, duplicative, or inconsistent in language or policy. The bill outlines the composition of the working group, which includes the chairpersons and ranking members of the joint standing committee on finance, revenue, and bonding, the Governor, two representatives from the Office of Policy and Management appointed by the Governor, the Commissioner of Revenue Services, and the Commissioner of Economic and Community Development. The chairpersons of the joint standing committee on finance, revenue, and bonding will also serve as the chairpersons of the working group.

The working group is required to hold its first meeting within sixty days of the bill's effective date and must submit a report to the joint standing committee on finance, revenue, and bonding by January 1, 2025. This report should contain the group's findings and any recommendations for revisions to the general statutes to further the goal of simplifying the state tax code. The working group will terminate upon submission of the report or on January 1, 2025, whichever is later. The bill indicates that there will be no fiscal impact on the state or municipalities as a result of this act, and the administrative staff of the joint standing committee on finance, revenue, and bonding will serve as the administrative staff of the working group. The bill has received a joint favorable vote from the Finance, Revenue and Bonding Committee.