HB 3279 establishes a Select Commission on Periodic Tax Preference Review to systematically evaluate all state and local tax preferences. The commission will assess tax abatements, exemptions, credits, and special valuations on a six-year review cycle. Any tax preference included in a final report by the commission will automatically expire two years after the report’s release unless reauthorized by the legislature. The bill also mandates that any new or reauthorized tax preference must include an explicit expiration date, with a maximum term of six years​.