The bill outlines a comprehensive evaluation of various tax expenditures in Massachusetts, as mandated by the Tax Expenditure Review Commission (TERC). It introduces a standardized template for assessing tax expenditures, which includes sections for basic information, goals, measurement, and effectiveness ratings. Key insertions in the bill include the creation of a "Template for Evaluating Expenditures" and a focus on evaluating the return on investment for tax expenditures. The bill emphasizes the importance of ongoing legislative review of specific expenditures, such as the exemption of Social Security benefits and the Brownfields Credit, due to their significant fiscal impacts and administrative complexities.

Additionally, the bill proposes several new tax credits and amendments to existing laws aimed at supporting various sectors, including education, military personnel, and environmental initiatives. It aligns Massachusetts tax law with the Internal Revenue Code regarding various benefits and allowances, such as those for armed forces personnel and education assistance. The bill also introduces new tax incentives for climatetech investments, live theater, and internships, while making adjustments to existing credits and deductions to enhance economic development and support vulnerable populations. Overall, the legislation seeks to improve transparency, effectiveness, and compliance in the management of tax expenditures in the state.