Requires any bill introduced in either house of the legislature that adopts a new tax preference or expands an existing tax preference must include an explanation of legislative intent which establishes the policy goals or the bill and any related metrics that might provide context or data which would help review the preference. This act also specifies that all tax preferences taking effect on or after July 1, 2013, expire five years after the effective date, unless a specific expiration date is provided. This act declares an emergency and takes effect on July 1, 2013.   Official Text and Analysis.

Retains requirements for a statement of legislative intent and expiration date for applicable tax preferences, so that the tax preference's effectiveness can be measured. "Applicable tax preference" is defined as any preference that does not clarify an ambiguity or correct a technical inconsistency. Strikes provisions in underlying bill that attempted to render future tax preferences null and void if they failed to comply with the requirements of this act.

Requires that, for any bill enacting a new tax preference or expanding or extending an existing tax preference, the enacted bill must include legislative intent provisions that establish policy goals, related metrics that provide context or data for the tax preference review process by the Joint Legislative Audit and Review Committee, as well as an expiration date where applicable. An applicable tax preference is any tax preference except for those that clarify an ambiguity or correct a technical inconsistency.

Creates a 5-year expiration date for new tax preferences that do not separately specify an expiration date. Requires all new tax preferences to contain a tax preference performance statement, which requires the following elements: (1) The statement must designate a general purpose of the tax preference, as provided in the statute; (2) the statement must provide additional detailed information about the legislative purpose of the new tax preference; and (3) the statement must provide metrics and data requirements that allow JLARC and the legislature to evaluate how effectively the tax preference is achieving its intended purpose. Requires taxpayers claiming a new tax preference with a designated purpose of creating jobs or improving industry competitiveness to file an annual survey. Requires taxpayers claiming new tax preferences to report the amount claimed to the DOR and makes the information subject to public disclosure. Allows the DOR to waive the public disclosure requirement for good cause, which may be demonstrated by a reasonable showing of economic harm if the information is publicly released. Requires JLARC, by January 1, 2015, to make recommendations on the types of metrics and data that should be required for the various general designated purposes for tax preferences.

Changes the default expiration date for new tax preferences from 5 to 10 years.

Makes technical corrections.

Provides a catch-all category for tax preferences intended to achieve a purpose not otherwise specifically identified in the bill. Eliminates the requirement that the taxpayer's gross and taxable income are subject to public disclosure, if the taxpayer is claiming a new tax preference. (The amount of the tax preference claimed is still subject to disclosure.) Allows taxpayers to request the DOR to maintain the confidentiality of the amount of tax preference claimed for any calendar year, if the taxpayer has not benefited by more than $10,000 from the tax preference during the calendar year. Eliminates the requirement that wage and employment data is subject to disclosure for taxpayers filing an annual survey who are claiming a new tax preference.

Eliminates the public disclosure of tax data for taxpayers claiming a new tax preference.

Requires that any new tax preference legislation include legislative intent language, metrics, and data to facilitate the review of the preference. Creates a 10-year expiration date for new tax preferences that do not separately specify an expiration date. Requires taxpayers to report the amount of tax incentive utilized to the Department of Revenue (DOR), regardless of the type of tax preference. Requires taxpayers designating creating jobs or increasing industry competitiveness as the new tax preference general purpose, to file an annual survey with the DOR. Allows data collected by the DOR to be disclosed, unless the taxpayer can show economic hardship by disclosure of the data or the tax benefit to the taxpayer is $10,000 or less for the calendar year.