(A)(1) There is created the Board of Economic Advisors as follows:
(a) one member, appointed by, and serving at the pleasure of the Governor, who shall serve as chairman and shall receive annual compensation of ten thousand dollars;
(b) one member appointed by, and serving at the pleasure of the Chairman of the Senate Finance Committee, who shall receive annual compensation of eight thousand dollars;
(c) one member appointed by, and serving at the pleasure of the Chairman of the Ways and Means Committee of the House of Representatives, who shall receive annual compensation of eight thousand dollars;
(d) the Director of the Department of Revenue, who shall serve ex officio, with no voting rights.
(2) The Revenue and Fiscal Affairs Office shall provide for the staffing and administrative support of the board.
(B) The chairman of the board shall report directly to the Governor, the Chairman of the Senate Finance Committee, and the Chairman of the House Ways and Means Committee to establish policy governing economic trend analysis. The office shall provide for the staffing and administrative support of the board from funds appropriated by the General Assembly.
(C) The executive director shall assist the Governor, chairman of the board, Chairman of the Senate Finance Committee, and Chairman of the Ways and Means Committee of the House of Representatives in providing an effective system for compiling and maintaining current and reliable economic data. The office, upon approval by the board, may establish an advisory board to assist in carrying out its duties and responsibilities. All state agencies, departments, institutions, and divisions shall provide the information and data the advisory board requires. The board is considered a public body for purposes of the Freedom of Information Act, pursuant to Section 30-4-20(a).
(D) The Department of Commerce shall provide to the office by November tenth the public document prepared pursuant to Section 12-10-100(C) itemizing each revitalization agreement concluded during the previous calendar year. The Department of Revenue shall provide to the office by November tenth a report of the amount of each tax credit claimed in the previous tax year pursuant to Title 12. The report must list individually the amount claimed and the number of filings for each tax credit. The Department of Revenue also must provide to the office by November tenth data files containing data from all state individual and corporate income tax filings from the previous tax year, excluding confidential identifying information.
HISTORY: 1982 Act No. 466, Part II, Section 44; 1992 Act No. 501, Part II, Section 13A; 1993 Act No. 181, Section 89; 2002 Act No. 356, Section 1, Part IX.B; 2014 Act No. 121 (S.22), Pt VI, Section 8.B, eff July 1, 2014. Formerly Code 1976 Section 11-9-820, redesignated and amended by 2018 Act No. 246 (H.3895), Sections 1, 2, eff July 1, 2018.
Editor's Note
Prior Laws: Former Section 11-9-1110 was titled Revenue and Fiscal Affairs Office established, and had the following history: 2014 Act No. 121 (S.22), Pt VI, Section 8.A, eff July 1, 2014. See now, Code 1976 Section 11-9-840.
Effect of Amendment
2014 Act No. 121, Section 8.B, rewrote subsection (A); in subsection (B), substituted "Governor, the Chairman of the Senate Finance Committee, and the Chairman of the House Ways and Means Committee" for "Budget and Control Board"; and in subsection (C), substituted "Revenue and Fiscal Affairs Office" for "Budget and Control Board".
2018 Act No. 246, Section 2, rewrote the section.