A. For calendar years 2024 through 2027 and every four (4) years thereafter, the Incentive Evaluation Commission shall ensure that each incentive is evaluated within the four-year evaluation period unless the Commission determines that the incentive is exempt from evaluation. The Commission may exempt from evaluation any incentive that it concludes has a minimal fiscal impact. The Commission shall determine a specific threshold amount which shall be considered as a minimal fiscal impact for the current evaluation cycle. The Commission may also conduct an expedited evaluation for any incentive that has been evaluated at least two times from calendar years 2016 through 2023 and has not had a material change to the program since its prior evaluation. The expedited evaluation will update the prior evaluation's financial and economic impact and findings and recommendations.

B. For calendar years 2016 through 2023, the Incentive Evaluation Commission shall develop a four-year schedule for evaluating incentives. The development of the schedule for evaluating the incentives shall take into consideration fiscal impacts to revenues of this state, including but not limited to the General Revenue Fund, the opportunity to group incentives with similar goals and objectives for evaluation, and the ability to obtain sufficient data related to the incentives for evaluation. Each schedule shall include a list of all incentives in the state, including any it exempts from evaluation. In determining whether a program is an incentive, the Incentive Evaluation Commission may consider legislative intent and may also consider whether the program is promoted as an incentive by any state agency. For each incentive listed in the schedule, the Commission shall attempt to identify the goal or goals of the incentive.

C. Upon approval of the schedule, the Commission shall provide the schedule to the Governor, President Pro Tempore of the Senate, and Speaker of the House of Representatives.