Review of credits allowed under this chapter

# (1)

As used in this section, "committee" means the Revenue and Taxation Interim Committee.

# (2)

# (a)

The committee shall review each tax credit described in this chapter once every five years to determine whether to continue, modify, or repeal the tax credit.

# (b)

In conducting the review required under Subsection (2)(a), the committee shall:

(i) schedule time on a committee agenda to conduct the review as needed;

(ii) invite state agencies, individuals, and organizations concerned with a tax credit under review to provide oral or written testimony;

(iii)

(A) invite the Governor's Office of Economic Development to present a summary and analysis of the information for each tax credit for which the Governor's Office of Economic Development is required to make a report under this chapter; and

(B) invite the Office of the Legislative Fiscal Analyst to present a summary and analysis of the information for each tax credit regarding which the Office of the Legislative Fiscal Analyst is required to make a report under this chapter;

(iv) evaluate:

(A) the cost of the tax credit to the state;

(B) the purpose and effectiveness of the tax credit; and

(C) the extent to which the state benefits from the tax credit; and

(v) undertake other review efforts as determined by the committee chairs or as otherwise required by law.