Section 891.5 - Tax credit review(a) Schedule.--The secretary, in conjunction with the Director of the IFO, shall, within 30 days of the effective date of this subsection, establish a schedule for review for all tax credits. The schedule shall ensure that tax credits are subject to a review by the IFO at least once every five years. The schedule for review of a tax credit may not be altered until the five-year schedule for review time period has expired for the tax credit.(b)Future tax credits.--A tax credit enacted on or after the effective date of this subsection shall be reviewed by the IFO no later than January 1 of the fifth year after the tax credit is enacted.(c) Expiration.--If a tax credit has an expiration date as provided under the laws of this Commonwealth, the tax credit shall be reviewed no later than January 1 of the year preceding the year of the termination date.(d) IFO duties.--The IFO shall submit a report of a review made under this section to the board, the chairperson and minority chairperson of the Finance Committee of the Senate and the chairperson and minority chairperson of the FInance Committee of the House of Representatives. The IFO shall publish a report of a review under this subsection on the IFO's publicly accessible Internet website.(e) Report contents.--A report of a review under subsection (d) shall include all of the following contents: (1) The purpose for which the tax credit was established.(2) Whether the tax credit is accomplishing the tax credit's legislative intent.(3) Whether the tax credit could be more efficiently implemented through alternative methods.(4) Any alternative methods which will make the tax credit more efficient if necessary.(5) The costs of providing the tax credit, including the administrative costs to the Commonwealth and the lost revenues to the Commonwealth and local government entities within this Commonwealth.(f)Concurrent resolutions.--The General Assembly may direct the IFO to conduct a tax credit review under this section by adoption of a concurrent resolution.Added by P.L. TBD 2017 No. 48, § 5, eff. 12/29/2017.