24 LC 50 0676S
The Senate Committee on Finance offered the following
substitute to SB 366:
A BILL TO BE ENTITLED
AN ACT
To amend Title 28 of the Official Code of Georgia Annotated, relating to the General1
Assembly, so as to revise provisions related to the adoption and contents of general2
appropriations bills; to revise provisions for certain economic analyses; to revise the3
legislative review of taxation; to provide a definition; to establish the Joint Committee on4
Taxation and Economic Development; to provide for membership, officers, meetings,5
authority, reports, cooperation, and expenses; to provide for a short title; to provide for an6
effective date; to provide for related matters; to repeal conflicting laws; and for other7
purposes.8
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:9
SECTION 1.10
This Act shall be known and may be cited as the "Tax Expenditures Transparency Act of11
2024."12
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SECTION 2.13
Title 28 of the Official Code of Georgia Annotated, relating to the General Assembly, is14
amended by revising Code Section 28-5-4, relating to consideration of general appropriations15
bill, as follows:16
"28-5-4.17
(a) The general appropriations bill shall be referred by the Speaker to the Appropriations18
Committee of the House of Representatives. In the event such bill is reported out of the19
Appropriations Committee as 'do pass by substitute' or 'do pass as amended,' neither the20
committee of the whole nor the House of Representatives shall consider the bill until at21
least 24 hours after the substitute or the amendments, as the case may be, have been printed22
and placed on the desk of each member.23
(b) The general appropriations bill, upon its first reading in the Senate, shall be referred24
by the President of the Senate to the Appropriations Committee of the Senate. In the event25
such bill is reported out of the Appropriations Committee as 'do pass by substitute' or 'do26
pass as amended,' neither the committee of the whole nor the Senate shall consider the bill27
until at least 24 hours after the substitute or the amendments, as the case may be, have been28
printed and placed on the desk of each member.29
(c) In addition to making and providing for appropriations, the general appropriations bill30
shall contain the following information:31
(1) A list of all then-existing revenue sources;32
(2) The net amount of revenue expected to be generated by each such revenue source and33
available for appropriation by the General Assembly in the fiscal year; and34
(3) A summary of the tax expenditure review provided to the General Assembly as part35
of the Governor's budget report pursuant to paragraph (8) of Code Section 45-12-75. 36
Such summary shall include, for each tax expenditure item, a brief description of the37
expenditure, the amount of tax revenue projected to be forgone in the fiscal year as a38
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result of the expenditure, and a citation of the statutory or other legal authority for the39
expenditure."40
SECTION 3.41
Said title is further amended by revising Code Section 28-5-41.1, relating to economic42
analysis of certain tax benefits of law or proposed law and analysis on performance and43
outcomes of Code Section 33-1-25, as follows:44
"28-5-41.1.45
(a) An economic analysis shall include, but not be limited to, a good faith estimate as a46
result of the law or proposed law, on an annual basis for five years thereafter, of the47
following, on both a direct and indirect basis:48
(1) Net change in state revenue;49
(2) Net change in state expenditures, which shall include, but not be limited to, costs of50
administering the bill;51
(3) Net change in economic activity; and52
(4) If applicable, any net change in public benefit.53
(b) On or before May 1 of each year, the chairperson of the House Committee on Ways54
and Means and the chairperson of the Senate Finance Committee may each request up to55
five six economic analyses, which requests shall be transmitted to the Department of56
Audits and Accounts. Each such request shall be limited to one existing provision of law57
or proposed law and shall specify one particular exemption, exclusion, or deduction from58
the base of a tax; credit against a tax; deferral of a tax; rebate of taxes paid; tax abatement;59
or preferential tax rate to be analyzed. The Department of Audits and Accounts shall60
contract with one or more independent auditors to complete all such analyses a preliminary61
analysis in response to any such request within six months of the request. Upon the62
completion of a preliminary analysis, the Department of Audits and Accounts shall publish63
such analysis to its public website and afford to all interested persons a reasonable64
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opportunity to submit data, views, or arguments, orally or in writing, regarding the65
preliminary analysis. The Department of Audits and Accounts shall compile such written66
and oral submissions and publish a final analysis which includes a summary of such67
submissions on or before December 1 15 of the year in which such analysis was requested. 68
Each such request shall be limited to one existing provision of law or proposed law and69
shall specify one particular exemption, exclusion, or deduction from the base of a tax;70
credit against a tax; deferral of a tax; a rebate of taxes paid; tax abatement; or preferential71
tax rate to be analyzed.72
(c) Copies of each completed economic analysis shall be provided to the Speaker of the73
House of Representatives, the President of the Senate, the House Budget and Research74
Office, and the Senate Budget and Evaluation Office.75
(d) If a fiscal note is requested pursuant to Code Section 28-5-42 and a relevant economic76
analysis has been conducted within one year of such request, the Office of Planning and77
Budget may prepare a summary of such economic analysis and attach it with the requested78
fiscal note.79
(e) An economic analysis shall be conducted on the performance and outcomes of Code80
Section 33-1-25, which shall be completed by December 1, 2021."81
SECTION 4.82
Said title is further amended by revising Chapter 12, relating to legislative review of taxation,83
as follows:84
"CHAPTER 1285
28-12-1.86
On or before May 1, 2023, the House Ways and Means Committee and the Senate87
Committee on Finance shall jointly undertake a thorough review of any and all state tax88
credits, deductions, and exemptions. No later than December 1, 2023, said committees89
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shall submit a report of their findings and recommendations to the presiding officers of90
their respective chambers.91
(a) As used in this chapter, the term 'joint committee' means the Joint Committee on92
Taxation and Economic Development created by subsection (b) of this Code section.93
(b) There is created the Joint Committee on Taxation and Economic Development to be94
composed of the following members of the General Assembly:95
(1) The chairperson of the Senate Finance Committee;96
(2) The chairperson of the House Committee on Ways and Means;97
(3) The chairperson of the Senate Appropriations Committee;98
(4) The chairperson of the House Committee on Appropriations;99
(5) The chairperson of the Senate Economic Development and Tourism Committee;100
(6) The chairperson of the House Committee on Economic Development and Tourism;101
(7) One member of the majority party of the Senate to be appointed by the President of102
the Senate;103
(8) One member of the majority party of the House of Representatives to be appointed104
by the Speaker of the House of Representatives;105
(9) One member of the minority party of the Senate to be appointed by the President of106
the Senate; and107
(10) One member of the minority party of the House of Representatives to be appointed108
by the Speaker of the House of Representatives.109
(c) The appointed members of the joint committee shall serve two-year terms concurrent110
with their terms as members of the General Assembly.111
(d) The chairpersons of the Senate Finance Committee and the House Committee on Ways112
and Means shall serve as co-chairpersons of the joint committee.113
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28-12-2.114
(a) The joint committee shall meet from time to time between May 1 and December 1 in115
odd-numbered years at the call of the co-chairpersons.116
(b) The joint committee shall have the authority to investigate and review the fiscal and117
economic impact of the exemptions, exclusions, deductions, credits, deferrals, rebates,118
abatements, or preferential tax rates that have been the subject of an economic analysis119
requested pursuant to Code Section 28-5-41.1 in the prior calendar year and the year in120
which the joint committee meets.121
(c) No later than December 1 of each odd-numbered year, the joint committee shall submit122
a report to the President of the Senate and the Speaker of the House of Representatives. 123
Such report shall summarize any testimony, data, or other information received by the joint124
committee as part of its investigation and review and outline any findings or125
recommendations of the joint committee.126
28-12-3.127
The Office of Planning and Budget, the Department of Revenue, the Department of128
Economic Development, the Department of Community Affairs, and the state auditor shall129
promptly furnish to the joint committee all information requested relative to state revenue,130
tax administration, economic analysis, or any other matter relevant to the work of the joint131
committee.132
28-12-4.133
For all meetings of the joint committee held when the General Assembly is not in session,134
the members of the joint committee shall receive the expense, mileage, and travel135
allowances authorized by law for legislative members of interim study committees. The136
funds necessary to carry out this chapter shall come from funds appropriated to and137
available to the legislative branch of government."138
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SECTION 5.139
This Act shall become effective on January 1, 2025.140
SECTION 6.141
All laws and parts of laws in conflict with this Act are repealed.142
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