Modifies provisions relating to unused tax credits

SB 723 requires state departments to annually report estimated tax expenditures (like credits, deductions, and exemptions) that reduce state revenue. It mandates an annual tax expenditure budget showing revenue losses from specific programs (e.g., neighborhood assistance, economic development zones, and business tax credits) and includes cost-benefit analyses for these programs. The bill also creates a new approval process: no new tax credits (except senior citizens' property tax credits) can be issued without committee review by the Senate Appropriations Committee and House Budget Committee. Additionally, it requires annual reports identifying tax credit programs with no activity for five years. The bill focuses on increasing transparency and oversight of tax incentives, directly affecting state agencies administering tax programs and legislative committees.