SB 1349: Taxation: tax expenditures: Legislative Analyst’s Office: assessment, report, and recommendation.

<p>The bill requires the Legislative Analyst’s Office (LAO) to publish a comprehensive report by January 1, 2029, assessing major tax expenditures in California. The LAO must identify potential savings from reducing or limiting these expenditures and consider their impact on the general fund. The report should include details such as beneficiaries of each expenditure and cost-effectiveness compared to other options.</p> <p>The bill mandates that the LAO submit this report to specific legislative committees, which are required to hold a joint public hearing by August 15 in the second year of the session. After the hearing, provisions related to the report become inoperative six months later and repealed the following January.</p>