Tax Expenditure Committee (J)
The committee is created as a permanent body under the Legislative Council. Duties include approving annual estimates of the cost of tax expenditures by December 15 each year, and performing a scheduled review of specified tax credits so that each credit is reviewed at least every five years. The first scheduled review was held in 2011. In the fourth scheduled review, in 2014, the committee will review tax credits for investments in qualifying businesses and community-based seed capital funds, historic preservation and cultural and entertainment district tax credits, wind energy production tax credits, renewable energy tax credits, ethanol promotion tax credits, E-85 gasoline promotion tax credits, and the biodiesel blended fuel tax credits.