AUGUSTA — A panel that has been tasked with reviewing Maine’s tax exemptions, breaks and credits to come up with $40 million in savings is poised to make its recommendations to the Legislature.

A special group of lawmakers, economists and business representatives created as part of the state budget is reviewing the state’s tax code to try to find enough money to forestall automatic reductions to municipal revenue sharing.

In its final meeting Monday, the group is expected to identify preliminary recommendations for the state’s budget writing committee.

Democrats say they want to close corporate loopholes and scale back tax breaks for large corporations.

The group is also supposed to come up with a system for how to periodically review the state’s tax credits and exemptions to see how they’re working.