Prohibits bill certified for fiscal note or estimate from being released from committee without fiscal note or estimate.
Impact
The implications of A3385 are significant as it amends existing legislation, particularly P.L.1980, c.67. This amendment establishes a clear protocol for the review of fiscal notes, thereby reinforcing the role of the Legislative Budget and Finance Officer in providing comprehensive fiscal analysis. By mandating a complete fiscal note before a bill can advance, A3385 aims to foster a more informed legislative environment where financial implications are thoroughly assessed, ultimately leading to more responsible governance.
Summary
Assembly Bill A3385 is a legislative measure introduced in New Jersey that seeks to enhance fiscal responsibility and transparency in the legislative process. The bill specifically prohibits any bill that has been certified for a fiscal note or legislative fiscal estimate from being released from committee until such fiscal documentation is complete. This requirement is aimed at ensuring that lawmakers and the public are fully aware of the potential financial impacts of legislation before it proceeds through the legislative process.
Contention
While proponents of A3385 argue that it promotes government accountability and encourages legislators to consider financial implications more seriously, there may be concerns regarding the potential delays in the legislative process. Some legislators could view this requirement as an additional bureaucratic hurdle that could slow down the passage of important legislation. Opponents may argue that while fiscal transparency is crucial, the strict adherence to this requirement could impede timely responses to urgent issues that require legislative action.
Providing for preliminary provisions, for taxation, for fiscal affairs and for Commonwealth budget procedures; establishing the Joint Revenue Estimation Committee and the Performance-based Incentive Account; and making repeals.
Authorizes the executive budget to contain a "permanent income tax cut" based upon some or all of the amount of recurring revenues which the Revenue Estimating Conference estimates will be actually received by the state in a fiscal year which are in excess of the amount estimated in its official forecast for the fiscal year. (7/1/10)