(a) Within 60 days after final enactment of a bill that creates, renews, or continues a tax expenditure, the chairs of the house of representatives and senate committees with primary jurisdiction over taxes must submit to the Tax Expenditure Review Commission a statement of objective that clearly provides the purpose of the tax expenditure and a standard or goal against which its effectiveness may be measured.
(b) For purposes of this section, "tax expenditure" has the meaning given in section 270C.11, subdivision 6 , and "Tax Expenditure Review Commission" means the commission established under section 3.8855 .
(c) Any bill that creates a new tax expenditure or continues an expiring tax expenditure must include an expiration date for the tax expenditure that is no more than eight years from the day the provision takes effect.