Recognizes that tax preferences are enacted to meet objectives which are determined to be in the public interest. However, some tax preferences may not be efficient or equitable tools for the achievement of current public policy objectives.

Finds that, given the changing nature of the economy and tax structures of other states, periodic performance audits of tax preferences are needed to determine if their continued existence will serve the public interest.

Directs the citizen commission for performance measurement of tax preferences to develop a schedule to accomplish an orderly review of tax preferences at least once every ten years.

Requires the joint legislative audit and review committee to report its findings and recommendations for scheduled tax preferences to the citizen commission for performance measurement of tax preferences by August 30th of each year.

Repeals RCW 43.136.010, 43.136.020, 43.136.030, 43.136.040, 43.136.050, and 43.136.070.