TAXPAYER OVERSIGHT BOARD

Creates the Commission on Taxpayer Oversight and Reduction of State Spending Act. Creates the Commission on Taxpayer Oversight and Reduction of State Spending. Provides that the Commission shall conduct investigations, review the budget submitted by the Governor in order to make recommendations for reducing expenditures set forth in the budget, review activities of agencies and grant recipients, and consider State and local budgetary reductions by reduction or elimination of mandated expenditures or the consolidation of agencies and instrumentalities to eliminate waste and inefficiency. Sets forth the membership of the Commission. Provides that the Commission shall conduct at least one public hearing and may issue reports. Provides that the Governor shall respond, in writing, within 30 calendar days after the submission of the reports. Contains other provisions. Effective immediately.