Authorizes State Auditor to conduct cost-benefit analyses of certain programs and initiatives.
Impact
If enacted, S2538 would require the State Auditor to conduct these analyses at the behest of the Legislative Services Commission, the presiding officers of both Houses, or at the Auditor's discretion. The bill mandates a systematic review of programs that meet specified funding thresholds, ensuring that assessments are made with respect to costs and benefits over a five-year period. This legislative move is expected to increase transparency and accountability within state expenditures, particularly in areas tied to economic incentives such as tax credits.
Summary
Senate Bill S2538 aims to empower the State Auditor with the authority to carry out cost-benefit analyses of certain state-funded programs and initiatives. This measure is specifically targeted at evaluating programs run by accounting agencies and independent authorities that receive state appropriations or are involved in awarding tax credits aimed at bolstering economic development within New Jersey. The bill seeks to enhance the decision-making capabilities of state policymakers by providing them with pertinent data regarding the effectiveness and efficiency of various programs.
Contention
Notably, the proposed legislation provides the State Auditor significant discretion regarding the scope and methodology of the analyses. Within each analysis, a thorough examination of both direct and indirect costs, challenges, and tangible and intangible benefits must be included. Additionally, alternative programs may be evaluated to compare effectiveness, raising the stakes for existing initiatives. This latitude could potentially lead to debates regarding the criteria for program selections and the appropriateness of the Auditor's evaluations, especially if certain programs are flagged or favored over others during the analysis process.
Provides CBT and gross income tax credits for certain deliveries of low carbon concrete and for costs of conducting environmental product declaration analyses of low carbon concrete.
Provides CBT and gross income tax credits for certain deliveries of low carbon concrete and for costs of conducting environmental product declaration analyses of low carbon concrete.
Expands audit powers of State Auditor; requires online publication of certain materials; requires performance review audits of certain business incentive programs.
Expands audit powers of State Auditor; requires online publication of certain materials; requires performance review audits of certain business incentive programs.