Bill > A5206

This bill amends existing New Jersey state law to expand the requirements for preparing fiscal notes, which are detailed financial assessments of proposed legislation. Currently, fiscal notes are prepared for bills that may increase or decrease state or local government expenditures or revenues. The bill specifically clarifies and broadens this requirement to explicitly include bills that create new government programs or expand existing programs, with the understanding that the costs of such programs would be borne by the state or its political subdivisions. When a bill is introduced and receives its first reading, the Legislative Budget and Finance Officer will now be required to review it and, if the bill involves creating or expanding a program with potential financial implications, immediately request a fiscal note from the Director of the Division of Budget and Accounting in the Treasury Department. This change aims to provide greater transparency and financial planning by ensuring comprehensive fiscal impact assessments for proposed legislation that could establish or modify government programs.