BILL NUMBER: S2013
SPONSOR: KRUEGER
 
TITLE OF BILL:
An act to amend the administrative code of the city of New York, in
relation to authorizing the independent budget office of the city of New
York to obtain certain tax data for purposes of evaluation
 
PURPOSE:
This bill amends the Administrative Code of the City of New York to
allow the Independent Budget Office to obtain and evaluate certain
information.
 
SUMMARY OF PROVISIONS:
Section 1 of this bill amends section 11-538 to include the Independent
Budget Office of the City of New York to the list of agencies able to
inspect certain business tax filings.
Section 2 of this bill amends section 11-688 to include the Independent
Budget Office in certain confidentiality requirements related to certain
business tax filings
Section 3 of the bill amends section 11-1116 to Independent Budget
Office of the City of New York to the list of agencies able to inspect
certain Utility Tax filings.
Section 4 of this bill provides an effective date of immediately.
 
JUSTIFICATION:
New York City annually invests in several economic development projects,
regularly in the form of grants, loans or tax expenditures. However, it
is difficult to ascertain the extent and effectiveness of this spending
because business tax data is protected and can't be accessed by the
Independent Budget Office. This makes it difficult to evaluate whether
they are providing the City with an adequate return on investment,
usually in the form of new or retained jobs.
This legislation authorizes the Independent Budget Office to evaluate
and report on certain tax filings to determine the effectiveness of
certain economic development programs.
 
LEGISLATIVE HISTORY:
2021-22: S.509 - referred to cities
2019-20: S.7695 - referred to cities
 
FISCAL IMPLICATIONS:
To Be Determined
 
EFFECTIVE DATE:
Immediately