Authorizes the governing authority of a city with a population of greater than fifty thousand that is located in a county with a population of less than one million five hundred thousand to adopt a local sales and use tax exemption program to incentivize the development of commercial office space in urban centers with access to transit, high capacity transportation systems, and other amenities.

Requires the joint legislative audit and review committee to study the effectiveness of the local sales and use tax exemption program.

Provides a December 31, 2025, expiration date for the study.