The bill modifies the requirements for the Tax Expenditure Review Commission in Minnesota by amending several sections of the Minnesota Statutes and repealing existing legislative requirements for new or renewed tax expenditures. Key changes include the introduction of new definitions, such as defining "commissioner" as the commissioner of revenue, and the requirement for the commission to identify the objective of tax expenditures rather than just their purpose. The bill also establishes a more structured review process for tax expenditures, mandating that each expenditure be reviewed at least once every ten years and allowing for public hearings prior to reporting to the legislature.

Additionally, the bill repeals Minnesota Statutes 2024, section 3.192, which previously required any new or renewed tax expenditure to include a statement of intent outlining its purpose and effectiveness standards. The amendments emphasize the need for the commission to provide detailed reports on tax expenditures, including estimates of revenue lost and recommendations for modifications. The effective date for all changes is set for the day following final enactment.

Statutes affected:
Introduction: 3.8855, 270C.11, 3.192