Signed by Governor Jon Corzine

Vote Smart's Synopsis:

Vote to pass a bill that requires the Governor's annual budget message to the Legislature to include a state tax expenditure report beginning immediately

Highlights:

-Requires the state tax expenditure report to set estimates of tax expenditures under existing law for the last completed fiscal year and the fiscal year to which the budget applies, as well as take into account projected economic factors and changes in state expenditures that may be enacted or reasonably expected to be enacted for any fiscal year (Sec. 1). -Requires the state tax expenditure report to do the following (Sec. 1):

-List each state tax expenditure; -Identify the statutory authority for each state tax expenditure, and the year in which it was enacted or the tax year or tax period in which it became effective; -Describe the objective of each state tax expenditure; -Detail for each state tax expenditure an estimate of the amount of state revenue loss for the last completed fiscal year, the current fiscal year and the fiscal year to which the budget message applies; -Determine whether each state tax expenditure has been effective in achieving the purpose for which the tax expenditure was enacted and currently serves, including an analysis of the persons, including corporations, individuals or other entities, benefited by the expenditure; -The effect of each state tax expenditure on the fairness and equity of the distribution of the tax burden; and -The public and private costs of administering the state tax expenditures.

Full Bill Text