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SECTION 180
Independent analysis
Tax (TAX) CHAPTER 60, ARTICLE 8
§ 180. Independent analysis. 1. The department shall contract with an
economic impact firm for the provision of an independent, comprehensive,
analysis of each tax credit, tax deduction, and tax incentive
established in this chapter or any other chapter of the law which
relates to increasing economic development including, but not
necessarily limited to, increasing employment, developing the state's
workforce, and increasing business activity. Such analysis shall include
the relevant programs run at the state agency level, including relevant
programs administered by executive agencies, authorities, commissions,
and other government run entities, and shall not include an analysis of
individual private entities or individual taxpayers. Such analysis shall
include, but need not be limited to, a complete and thorough evaluation
of the return on investment for each tax credit, tax deduction, and tax
incentive, the economic impact of each relevant program, including
direct and indirect benefits, including the creation of temporary
project hires, the fiscal impact of each relevant program, including
revenues received and forgone by municipalities and New York state, as
applicable. For the purposes of this section, "return on investment"
shall mean: (a) total job creation, including temporary project hires
resulting from each project supported by each relevant program, and
retained jobs; (b) whether the expenditures by the state on each tax
credit, tax deduction or tax incentive result in an increase or decrease
in tax revenues for New York state municipalities, and New York state;
(c) other estimated quantifiable economic benefits, including but not
necessarily limited to personal income; indirect, induced, long term,
and temporary job creation; and private investment for each tax credit,
tax deduction and tax incentive; (d) whether similar job creation or
private investment would have occurred without the existence of a state
tax incentive; and (e) other qualitative economic benefits that improve
the economy, and provide opportunities for advancement for New York
residents, including: (i) global media exposure; (ii) increased tourism
attraction and positioning of New York as a destination, providing
quality of life amenities to assist with community development,
placemaking, positioning communities for add-on private sector
investment, making New York competitive on the basis of cost and other
attraction amenities; and (iii) contributing to the positive perception
of the state and its regions to assist with business attraction and
creating economic opportunity for New Yorkers.

2. Prior to the analysis pursuant to subdivision one of this section,
the economic impact firm that the department contracts with may solicit
input from leaders in the business community, organized labor and
economic development stakeholders, including, but not necessarily
limited to representatives from nonprofits, academic institutions, and
leading New York state community development experts.

3. Such analysis shall be completed and submitted to the department no
later than January first, two thousand twenty-four and shall be posted
publicly on the department's website within thirty days of submission to
the department. The analysis shall also be submitted to the governor,
the temporary president of the senate, the speaker of the assembly, and
the chair of the senate finance committee and the chair of the assembly
ways and means committee.

4. The economic impact firm providing the department's comprehensive
analysis shall adhere to the requirements in this subdivision.
Notwithstanding this subdivision, the department may contract with a
firm upon a written determination by the commissioner which shall detail
that such firm was awarded such contract on the basis that no firm meets
the requirements set forth in this subdivision.

(a) Such economic impact firm shall be prohibited from providing
analysis services to the department if the analysis partner having
primary responsibility for the analysis, or the analysis partner
responsible for reviewing the analysis, has performed analysis services
for the department in the past three fiscal years.

(b) Such economic impact firm shall be prohibited from performing any
non-analysis services to the department contemporaneously with the
analysis, including: (i) bookkeeping or other services related to the
accounting records or financial statements of such department; (ii)
financial information systems design and implementation; (iii) appraisal
or valuation services, fairness opinions, or contribution-in-kind
reports; (iv) actuarial services; (v) internal analysis outsourcing
services; (vi) management functions or human services; (vii) broker or
dealer, investment advisor, or investment banking services; and (viii)
legal services and expert services unrelated to the analysis.

(c) Such economic impact firm shall be prohibited from providing
analysis services to the department if an employee assigned to the
analysis has performed analysis services for the department or has been
employed by the department in the past three fiscal years.