S3153

TRENTON – A bill sponsored by Senate Majority Leader Barbara Buono which requires the Governor to include in his annual budget message a report to the Legislature detailing the impact of State tax expenditures on the Budget was signed into law yesterday by Governor Corzine.

“New Jersey is trying to come to grips with a multi-billion dollar deficit, and policy-makers need to have complete information about State spending, whether as a budget line item or through tax expenditures,” said Senator Buono, D-Middlesex. “Without an annual accounting for the cost and effectiveness of tax expenditure spending, New Jersey lawmakers cannot develop a full understanding of the State’s fiduciary obligations and expenses, and cannot act to end ineffective and costly programs. This new law will make sure that when reviewing the State’s annual budget, we have all the information we need to put together a complete profile of expenditures.”

TRENTON – The state Senate today voted 36-0 to approve a bill by Senator Barbara Buono (D-Middlesex) that would require the Governor to include in his annual budget message a report on state tax expenditures.

New Jersey provides a variety of tax credits, deductions and exemptions that reduce state revenue, but these expenditures are not included in the Governor’s budget message.

TRENTON – A bill sponsored by Senator Barbara Buono (D-Middlesex) that would require the Governor to include in his annual budget message a report on state tax expenditures was approved 8-0 with six abstentions today by the Senate Budget and Appropriations Committee.

New Jersey provides a variety of tax credits, deductions and exemptions that reduce state revenue, but these expenditures are not included in the Governor’s budget message.

TRENTON – – Last Thursday, Senator Barbara Buono (D-Middlesex) introduced S-3153, a bill which would require that the Governor’s annual budget message include a State tax expenditure report. The Senator, who also serves as Chairwoman of the Senate Budget and Appropriations Committee, said that she will post the bill when the Senate Budget and Appropriations Committee meets on January 4th.

Each year, the State’s budget process requires lawmakers to conduct an extensive evaluation and documentation of direct spending on a multitude of programs and services. However, as off-budget items, tax expenditures receive far less scrutiny, and are not regularly examined by legislators.