"Tax Credit Review Act"; requires review of efficacy of certain State tax incentive programs.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill directs the New Jersey Department of the Treasury to conduct a comprehensive review of the state’s existing tax incentive programs. The goal of this review is to assess the effectiveness of these programs in achieving their intended goals, such as attracting businesses and promoting economic development. The review will examine program performance, costs, and potential areas for improvement or reform. Ultimately, the findings of this review will inform future decisions about the state’s tax incentive policies.
Key provisions
- Requires the Treasury Department to conduct a review of state tax incentive programs.
- The review must assess program effectiveness and cost-benefit.
- The review should identify areas for program improvement or reform.
- The review findings will be reported to the legislature.
- The review must consider the impact of incentives on economic growth and job creation.
Who is affected
- New Jersey taxpayers
- Businesses receiving tax incentives
- The New Jersey Department of the Treasury
- The New Jersey Legislature
- State government
Fiscal impact
The bill may result in costs associated with the review process, but the long-term impact on state revenue is uncertain and dependent on the recommendations of the review.
Bill text
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Sponsors
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1 on record
Primary sponsor
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