Requires enacted bills that create a new tax preference or expand or extend an existing tax preference, to include legislative intent provisions, establishing the policy goals and any related metrics that might provide context and/or data for purposes of reviewing the tax preference.

Requires certain tax preferences that take effect on or after July 1, 2012, to expire on the June 30th that is the tenth June 30th subsequent to the effective date of the tax preference.

Prohibits the joint legislative audit and review committee, when reviewing a tax preference with a specific expiration date, from concluding that the legislative intent was for the tax preference to be temporary in nature unless the legislative history or legislative intent expressly provides that it is temporary.