Review and evaluation of economic development tax expenditures, and to repeal chapter 29 of title 11 of such code, relating to the establishment of the tax study commission.

A Local Law to amend the administrative code of the city of New York, in relation to the review and evaluation of economic development tax expenditures, and to repeal chapter 29 of title 11 of such code, relating to the establishment of the tax study commission

This bill would require the Independent Budget Office (“IBO”) to review and evaluate economic development tax expenditures identified by the Council on a schedule set forth by the Council. Such schedule and identification of tax expenditures would be set in collaboration with the IBO. For each economic development tax expenditure reviewed and evaluated, the IBO would submit a report to the Council, and post such report on its website, which would include a description of the data considered and the methodology and assumptions used in such review and evaluation, an analysis of the effectiveness of the tax expenditure and whether the tax expenditure is achieving its intended goals, whether those goals are still relevant, and recommendations for future evaluations. The bill would state that agencies must provide the IBO with the information necessary for IBO to conduct its review and evaluation, and that such agencies must provide IBO and the Council with an explanation when the agencies cannot disclose certain information and include a citation to the laws that prohibit such disclosure. Finally, the bill would also repeal a provision of the Administrative Code that established a tax study commission, which has expired.