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A4794 ABU Statement 6/28/26
ASSEMBLY BUDGET COMMITTEE
STATEMENT TO
ASSEMBLY,
No. 4794
STATE
OF NEW JERSEY
DATED:
�JUNE
28, 2026
����� The Assembly Budget Committee reports favorably
Assembly Bill No. 4794.
����� As reported, this bill permits the Division of
Taxation in the Department of the Treasury to share tax data with both the New
Jersey Innovation Authority and the New Jersey Secure Choice Savings Board for
certain purposes.
����� Under current law, records and files of the division
that relate to the administration of State tax laws are considered confidential
and privileged, with their disclosure to third parties generally prohibited.�
In certain instances, however, the director is authorized to furnish such
records and files for specified purposes, including to assist other State
entities in the performance of their respective roles and responsibilities.�
����� The bill authorizes the division to furnish certain
tax information to the New Jersey Innovation Authority and the New Jersey
Secure Choice Savings Board for certain specified purposes.� The New Jersey
Innovation Authority was established in, but not of, the Department of the
Treasury to promote the efficiency and modernization of State government
operations.� The New Jersey Secure Choice Savings Board was established in, but
not of, the Department of the Treasury to administer the New Jersey Secure Choice
Savings Program.� Also called the �Retire Ready NJ� program, it provides
certain private sector employees whose employers do not offer retirement
benefits with the option to participate in a State-sponsored retirement plan
and make contributions to various types of retirement accounts.
����� Under the bill, the Division of Taxation would be
authorized to release tax information, including any information contained in
tax reports and returns, to the New Jersey Innovation Authority for use in
supporting the division in improving the customer experience of taxpayers and
the public through the evaluation and improvement of taxation processes.�
Similarly, the bill also authorizes the division to release such tax
information to the New Jersey Secure Choice Savings Board necessary for the
purposes of administering the New Jersey Secure Choice Savings Program.
FISCAL IMPACT
:
����� This bill is not certified as requiring a fiscal note.