Amend the bill, as and if amended, Part IB, Section 70, LEGISLATIVE DEPARTMENT, page 458, after line 31, by adding an appropriately numbered new proviso to read:
/ 70.___. (LEG: Exemptions Repeal Committee) There is created the Exemptions Repeal Committee, a joint committee of the Senate and the House of Representatives. The committee shall be composed of eight members as follows: the Chairman of the Senate Finance Committee and three members of the Senate appointed by the Chairman of the Senate Finance Committee and the Chairman of the House Ways and Means Committee and three members of the House appointed by the Chairman of the House Ways and Means Committee. By August 15, 2011, the Office of Economic Research, Budget and Control Board shall divide all sales tax exemptions contained in Section 12-36-2120 into five groups. The Office of Economic Research shall allocate the exemptions into groups so as to maximize diversity among the groups in terms of items and to have a similar revenue impact on the State.
Upon conclusion, the Office of Economic Research, Budget and Control Board shall report the groups to the Exemptions Repeal Committee, the Chairman of the Senate Finance Committee, and the Chairman of the House Ways and Means Committee. Following the report of the groups, the Exemptions Repeal Committee shall hold public hearings on the contents of the first group. The committee shall accept testimony and written justification from any person seeking to have all or part of the exemptions removed from the group.
After public evaluation, the committee may recommend that all or part of a group be excluded from repeal. The committee shall submit its recommendations to the General Assembly by January 1, 2012. /
Renumber sections to conform.
Amend sections, totals and title to conform.