§ 52. Requirements with respect to bills affecting tax expenditures. 1. For purposes of this section, the terms "tax expenditures" and "cost of tax expenditure" shall have the same meanings that they have in section one hundred eighty-one of the executive law.

2. Tax expenditure impact statement. In addition to any other fiscal note required, a bill that enacts or amends any tax expenditures shall be accompanied by an impact statement consisting of a fiscal note separately stating the estimated cost of the tax expenditures in the bill (a) for the first year it is to be in effect and (b) for the next succeeding year, as well as a statement of the public purpose to be served by such tax expenditures, unless the legislature affirmatively sets forth that no such public purpose statement is required.

3. Hearings. Hearings held by the legislature pursuant to article seven of the constitution shall include sufficient time for discussion and review of tax expenditures.

4. Joint report. The chairmen of the fiscal committees shall issue a joint report on the governor's annual tax expenditure report. Such joint report shall include: a summary of the legislature's action on any recommendations by the governor to continue, modify or repeal any tax expenditures; a summary of any legislative initiative to continue, modify or repeal any tax expenditures; and any revisions in the estimated costs of any tax expenditures included in the tax expenditure report submitted pursuant to section one hundred eighty-one of the executive law.