This bill mandates the Director of the Division of Taxation in New Jersey to conduct an ongoing study on the effects of the state's business income taxes on business out-migration, business formation, and employment. The director is required to analyze relevant data from various New Jersey income tax returns, including those from corporations and partnerships.

Additionally, the director must compile an annual Tax Policy Impact Report that outlines the findings and recommendations from the study. This report will assess whether any state or local tax laws or policies should be modified to enhance the business climate in New Jersey and lessen the tax burden on businesses. The report is to be submitted to the Governor and the Legislature by January 1 each year. The act is set to take effect immediately upon passage.