Two bills that would require stricter oversight of various state tax credits and incentives have cleared a Senate committee.
The Senate Finance Committee approved both bills by Senate President Pro Tem Brian Bingman on Tuesday. The measures now proceed to the full Senate.
As the Legislature grapples with a $611 million shortfall in next year's budget, the governor and legislative leaders are calling for more scrutiny of the estimated $1.7 billion the state spends every year on tax deductions, exemptions and credits.
One of the bills would develop a committee and a set of criteria to determine the fiscal effectiveness of the various incentives, while another would require any new tax credit to include measurable goals when enacted.
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