NY S01560

Requires the commissioner of taxation and finance to hire a third-party evaluator to assess the effectiveness of New York state tax incentives, exemptions, abatements, and credits used for economic development.

First comprehensive report must cover all tax incentive programs in effect as of January 1 prior to the bill's effective date and be submitted to the legislature no later than January 1 following enactment.

Report must include listings of tax benefits, eligibility requirements, aggregate utilization data, total tax benefit amounts, economic effectiveness assessments, and comparisons with similar incentives in other states and cities.

Requires follow-up reports every three years thereafter evaluating any materially changed incentives, benefits, or conditions since the previous report.

Report must include recommendations on which state incentives should be maintained, modified, or eliminated to best serve state objectives.