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  • NJ A301
  • Enhances the reporting and disclosure requirements concerning State tax expenditures and limits the duration of new State tax expenditure enactments.
Introduced
(1/27/2016)
In Committee
(6/22/2017)
Crossed Over
(6/22/2017)
PassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill enhances certain reporting and disclosure requirements regarding State development subsidies, including tax expenditures, and imposes a ten-year limitation on the duration of new State tax expenditure enactments. Under current law, the Executive branch of State government is required to review and evaluate certain State development subsidies, including tax expenditures, to determine if the tax incentives have met expectations. State tax expenditures and preferences are special or selective tax relief or benefits authorized by law that are designed to accomplish certain public goals by forgoing State tax dollars to the direct benefit of certain taxpayers. The relief or benefit provided through tax expenditures typically is intended to encourage investment, create jobs, and facilitate economic development or to relieve the tax on certain favored or important products, services, or financial decisions. This bill enhances the current review and evaluation required of the specific goals, purposes, and objectives each State tax expenditure is intended to achieve. The bill requires an enhanced annual evaluation of specific data collection and improved reporting requirements imposed upon the recipient of tax expenditures, the comprehensive presentation of the State costs of development subsidies, including tax expenditures, and review of the specific data and baseline measurements to be collected and remitted in each year that a tax expenditure is in effect, necessary to measure any change in performance indicators for evaluation of the overall benefit of tax expenditures. The bill requires any bill authorizing a tax expenditure that is introduced after its effective date and that is enacted thereafter to expire on the first day of January next following the tenth anniversary of its effective date. The bill takes effect immediately upon enactment.
2nd Reading in the Assembly, Budget, Budget and Appropriations
Received in the Senate, Referred to Senate Budget and Appropriations Committee  (on 6/22/2017)
 
 

Date Chamber Action Description
6/22/2017 S Received in the Senate, Referred to Senate Budget and Appropriations Committee
6/22/2017 A Passed by the Assembly (53-23-0)
11/21/2016 A Assembly Floor Amendment Passed (Zwicker)
10/13/2016 A Reported out of Assembly Comm. with Amendments, 2nd Reading
10/13/2016 Assembly Budget Hearing (14:00 10/13/2016 Committee Room 11, 4th Floor)
1/27/2016 A Introduced, Referred to Assembly Budget Committee
Date Motion Yea Nay Other
Detail 6/22/2017 Assembly Floor: Third Reading - Final Passage 53 23 4
Detail 10/13/2016 Assembly Budget Committee: Reported with Amendments 9 3 1