42.5.
Prior to December 1, 2022, the Legislative Analyst’s Office shall conduct an analysis of each tax expenditure subject to Section 42 and submit a written report, submitted in compliance with Section 9795 of the Government Code, to the Legislature which shall include all of the following:(a) A description of the legislative intent for each tax expenditure, if the act adding or amending the expenditure contains legislative findings and declaration of that intent, or that legislative intent is otherwise expressed or specified by that act.
(b) A brief description of the beneficiaries of the credit, deduction, exclusion, exemption, or
other tax benefit as provided by state law.
(c) The number of returns filed or business entities affected, as applicable, for the most recent tax year for which full year data is available.
(d) A listing of any comparable federal tax benefit, if any.
(e) A description of any recent prior tax expenditure evaluation or compilation of information completed by any state agency.
(f) The economic, social, or any other benefits of the tax expenditure to the State of California.
(g) Total net General Fund dollars lost, including what impact the shift in resources had on other General Fund programs.
(h) Total Proposition 98 dollars lost, including what impact the shift in resources had on educational programs.
(i) Potential environmental impacts, if any.
(j) A longer term analysis outlining the true beneficiaries versus intended beneficiaries of the tax expenditure and its impact on the business climate and market conditions.
(k) Jobs created by the tax expenditure. For the information required by paragraphs (1) and (2), the data must include demographics on gender, race, ethnicity, and age.
(1) Whether the jobs created were short or long term, as well as the average salary and benefits provided for
the jobs created.
(2) Jobs lost or reduced in areas impacted by the tax expenditure or whether jobs were shifted to other sectors.