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 officer 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 comparisons with other feasible programs. Additionally, the State Auditor is tasked with determining the scope and methodology of the analyses while ensuring that the findings are reported to the Governor and the Legislature, with public access to the reports via the State Auditor's website. The bill emphasizes the need for cooperation from accounting agencies and independent authorities in providing necessary information, while also maintaining confidentiality for sensitive records. The act is set to take effect seven months after its enactment.