Senate Bill No. 33 proposes the establishment of the Government Accountability and Innovation for Net Savings (GAINS) tax credit program, which aims to incentivize eligible state employees to identify and implement cost-saving proposals within state agencies. The bill defines key terms such as "agency," "commissioner," "department," "eligible state employee," and "state savings." It authorizes a tax credit against individual income tax for state savings recommended by eligible employees, with a fiscal year cap of $10 million on the total credits that can be certified. The credit is set at 30% of the certified state savings and can be claimed over a period of three years, with specific percentages allocated for each year following the certification.

The bill outlines the process for eligible state employees to submit their savings proposals to their agency heads, who will then assess the potential for savings and forward their recommendations to the commissioner for certification. The commissioner is responsible for reviewing these proposals and certifying or denying the credits based on the evidence provided. Additionally, the bill includes provisions for the recapture and recovery of credits in cases of fraud or misrepresentation. The GAINS tax credit program is set to terminate on July 1, 2029, and the commissioner is tasked with promulgating necessary rules for implementation within 180 days of the bill's effective date.