Requires governor to perform a cost benefit analysis of tax expenditures.
Summary
Bill S00657 aims to amend the executive law of New York to require a comprehensive cost benefit analysis of tax expenditures. This analysis will evaluate the benefits of tax expenditures based on projected job creation, job retention, and investment in the state, as well as the total revenue lost due to these expenditures. The bill introduces definitions for 'cost benefit analysis', 'cost benefit analysis ratio', and 'cost benefit analysis target ratio', establishing a framework for assessing the effectiveness of tax incentives provided to various taxpayers under specific articles of the tax law.
Impact
If enacted, this bill will significantly impact how tax expenditures are evaluated in New York State. It mandates that the governor develop specific formulas for cost benefit analyses and establish target ratios for each tax expenditure. This could lead to more stringent scrutiny of tax incentives and potentially influence future tax policy decisions, as the effectiveness of these expenditures will be quantitatively assessed and reported.
Sentiment
The sentiment surrounding Bill S00657 appears to be cautiously optimistic, with support for the need for accountability in tax expenditures. However, there may be concerns regarding the administrative burden this analysis could impose on the governor's office and the potential implications for existing tax incentives.
Contention
Notable points of contention may arise from differing opinions on the effectiveness of tax expenditures. Some legislators may argue that the proposed analyses could undermine valuable tax incentives that stimulate economic growth, while others may contend that a lack of accountability in tax expenditures has led to inefficiencies and inequities in the tax system. Stakeholders from various sectors, including business groups and advocacy organizations, may hold differing views on the potential impacts of this bill.
Requires cost-benefit analyses and local government financial impact findings for approval of long term property tax exemption; requires DCA to post Statewide database of these exemptions on its Internet website.
To Require Disclosure And Reporting Of Noncandidate Expenditures Pertaining To Appellate Judicial Elections; And To Adopt New Laws Concerning Appellate Judicial Campaigns.