This bill authorizes the State Auditor of New Jersey to conduct cost-benefit analyses of existing or proposed programs and initiatives funded by state appropriations or aimed at awarding tax credits to businesses for economic development. The State Auditor can initiate these analyses at their discretion or at the request of the Legislative Services Commission or the presiding officers of either House of the Legislature. Importantly, the bill mandates that, within each five-year period following its enactment, the State Auditor must analyze at least one program or initiative from each accounting agency and independent authority that meets specific funding thresholds.

The bill outlines the requirements for the cost-benefit analyses, which must include a comprehensive evaluation of both direct and indirect costs, tangible and intangible benefits, and alternative programs that could achieve similar goals. Additionally, the analyses must detail key assumptions, conduct sensitivity analyses, and include any other relevant information deemed necessary by the State Auditor. After completing each analysis, the State Auditor is required to submit a written report to the Governor and the Legislature, with an electronic version made publicly available on the State Auditor's website. The bill is set to take effect seven months after its enactment.