Vetoed by Governor Chris Christie

Vote Smart's Synopsis:

Vote to concur with Senate amendments and pass a bill that amends the annual tax expenditure report, effective immediately.

Highlights:

• Requires the governor’s state tax expenditure report to include the following information (Sec. 1):
• A description of specific goals, purposes, and objectives that each expenditure will achieve;
• A determination of the effectiveness of achieving the goals, purposes, and objectives through detailed performance indicators;
• An evaluation of the effect of each expenditure on the fairness and equity of the tax burden distribution based on publicly available measurement data; and
• A description of data collection and reporting requirements imposed upon the corporations, individuals, or other entities benefited by the expenditure.

• Requires the State Treasury’s Unified Economic Development Budget Report to determine through detailed performance indicators whether each tax expenditure has been effective in achieving the specific goals, purposes, and objectives for which the tax expenditure was enacted (Sec. 6). 

• Prohibits an individual from disclosing or examining without official reason any records, financial or commercial information, trade secrets, or examinations and inspections of the premises or property of an individual obtained from development subsidy applications (Sec. 5). 

• Specifies that each tax expenditure enacted after passage of this bill shall expire on January 1 of the tenth year of its enactment (Sec. 12).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that amends the annual tax expenditure report, effective immediately.

Highlights:

• Requires the governor’s state tax expenditure report to include the following information (Sec. 1):
• A description of specific goals, purposes, and objectives that each expenditure will achieve;
• A determination of the effectiveness of achieving the goals, purposes, and objectives through detailed performance indicators;
• An evaluation of the effect of each expenditure on the fairness and equity of the tax burden distribution based on publicly available measurement data; and
• A description of data collection and reporting requirements imposed upon the corporations, individuals, or other entities benefited by the expenditure.

• Requires the State Treasury’s Unified Economic Development Budget Report to determine through detailed performance indicators whether each tax expenditure has been effective in achieving the specific goals, purposes, and objectives for which the tax expenditure was enacted (Sec. 6). 

• Prohibits an individual from disclosing or examining without official reason any records, financial or commercial information, trade secrets, or examinations and inspections of the premises or property of an individual obtained from development subsidy applications (Sec. 5). 

• Specifies that each tax expenditure enacted after passage of this bill shall expire on January 1 of the tenth year of its enactment (Sec. 12).

Full Bill Text