This bill mandates the Director of the Division of Taxation to conduct a comprehensive study on the effects of New Jersey's business income taxes on business out-migration, formation, and employment. The study will analyze data from corporation, partnership, and other New Jersey income tax returns, covering a period that begins on January 1 of the eighth calendar year before the bill's effective date and ends on December 31 of the eighth calendar year after the effective date. The Director is also required to submit a Retrospective Tax Policy Impact Report, which will include findings and recommendations on potential modifications to state or local tax laws to enhance the business climate in New Jersey. This report must be submitted by January 15 of the second calendar year following the bill's enactment.

Additionally, for the first full calendar year after the bill's effective date and for the subsequent seven years, the Director must provide annual Tax Policy Impact Reports to the Governor and the Legislature. These reports will present findings and recommendations based on the data from each respective year, also due by January 15 of the following calendar year. The bill will take effect on January 1 of the first full calendar year after its enactment and will expire upon the issuance of the final annual report.