Senate Bill No. 318, introduced by Senator Reese, amends the existing tax exemption budget requirements and establishes a new business tax benefit report. The bill modifies the publication location of the annual tax exemption budget from the LaTrac website to the Department of Revenue's website. It retains the requirement for the budget to include each tax exemption and its statutory citation, but removes the necessity to state the purpose of each exemption. Additionally, the bill repeals several reporting requirements, including the estimated cost of administering tax exemptions and the assessment criteria for their effectiveness.

Furthermore, the bill introduces a new requirement for the Department of Revenue to prepare and submit a business tax benefit report by September 1st each year. This report will list tax exemptions that provide financial benefits to businesses, while excluding those mandated by federal law. The report must present information categorized by industry group, number of taxpayers, and total tax burdens before and after exemptions, ensuring that no confidential information is disclosed. The effective date of the bill is contingent upon the governor's signature or the expiration of the time for bills to become law without signature.

Statutes affected:
SB318 Original: 47:1517(B)(1), 47:1(B)(4)
SB318 Engrossed: 47:1517(B)(1), 47:1517(B)(3), 47:1(B)(4)