The bill creates a joint committee of the senate and house of representatives, known as the tax expenditure evaluation committee. The committee is made up of 7 legislative members and 3 nonvoting, nonlegislative members from the office of state planning and budgeting, the department of revenue, and the Colorado office of economic development. The committee is to function during both the legislative sessions and the interims between. The committee is responsible for reviewing evaluations of the state's tax expenditures made by the state auditor, or an evaluation contractor hired by the state auditor, as required in the bill. The committee may recommend legislation for the continuation, repeal, or modification of the evaluated tax expenditures for the following legislative session. The bill further specifies that the committee may make recommendations, or may recommend legislation, to the department of revenue, the office of state planning and budgeting, the Colorado office of economic development, or any other appropriate state agency, regarding improvements of tax expenditure administration.