This bill amends current New Jersey law to mandate the preparation of a fiscal note for any bill that establishes a new program or expands an existing program, as long as the costs are borne by the State or any political subdivision. Previously, fiscal notes were only required for bills that could potentially increase or decrease the expenditures or revenues of the State. The new language specifically includes the creation of new programs and the expansion of existing ones within the scope of this requirement.

The bill stipulates that once a bill is introduced and receives its first reading, the Legislative Budget and Finance Officer must review it. If the Officer determines that the bill may affect expenditures or revenues, they are required to request a fiscal note from the Director of the Division of Budget and Accounting. This change aims to enhance fiscal transparency and accountability regarding the financial implications of new or expanded programs proposed in legislation. The act is set to take effect immediately upon passage.

Statutes affected:
Introduced: 52:13B-6