Bill > S02515

This bill amends the Executive Law to require the Governor to perform a cost-benefit analysis of tax expenditures, which are specific provisions in the tax law that provide tax relief or incentives to certain individuals or entities. The key provisions include: 1) Defining "cost-benefit analysis" as a method to determine the benefit of a tax expenditure to New York State based on factors such as job creation/retention, investment, and tax relief provided. 2) Requiring the Governor to include in the annual tax expenditure report a cost-benefit analysis for each tax expenditure, a comparison of the analysis ratio to a target ratio, an assessment of whether the tax expenditure has achieved its purpose, and an explanation of the analysis formula and target ratio. 3) Directing the Governor to develop a cost-benefit analysis formula and determine a target ratio for each tax expenditure. The overall goal is to provide more transparency and accountability around the State's use of tax expenditures by evaluating their costs and benefits to New York.