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  • NJ A1996
  • Dedicates 30 percent of all UEZ sales tax revenues to respective UEZ account and 70 percent of UEZ sales tax revenues to General Fund.
Introduced
(1/27/2016)
In Committee
(6/2/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill requires that, as of July 1, 2015, 30 percent of all reduced rate sales tax revenues collected by qualified businesses in urban enterprise zones (UEZs) be deposited to the accounts held in the Enterprise Zone Assistance Fund (assistance fund) in the name of the respective municipalities having UEZs and the remaining 70 percent of those revenues are to be deposited in the General Fund. In doing so, the bill removes the UEZ tax revenue deposit and appropriation allocation schedules for the assistance fund, including the requirement that the Urban Enterprise Zone Authority (authority) receive up to one-third of those revenues for the coordination and administration of the UEZ program throughout the State. Under current law, qualifying UEZs are designated for a 20-year period and, after 15 years of that 20-year period, UEZs may qualify, on a one-time basis, for an additional 16-year period. Further, the bill removes the ability of the authority to consider a proposal by a municipality having a UEZ to fund the cost of an increase in "eligible municipal services," as that term is defined in law, from the assistance fund account in the name of the municipality having a UEZ. Under the bill, UEZs are to receive from their assistance fund account the authority-approved amount for a project and the municipal-certified amount for eligible municipal services in the UEZ.
Commerce and Economic Development
Reported out of Asm. Comm. with Amendments, and Referred to Assembly Appropriations Committee  (on 6/2/2016)
 
 

Date Chamber Action Description
6/2/2016 A Reported out of Asm. Comm. with Amendments, and Referred to Assembly Appropriations Committee
6/2/2016 Assembly Commerce and Economic Development Hearing (13:30 6/2/2016 Committee Room 16, Fourth Floor)
1/27/2016 A Introduced, Referred to Assembly Commerce and Economic Development Committee
Date Motion Yea Nay Other
Detail 6/2/2016 Assembly Commerce and Economic Development Committee: Reported with Amendments 8 2 2