Bill > S2237

Introduced Session

This bill, designated as the "Atlantic City Urban Enterprise Zone and Property Tax Relief Act," authorizes the creation of an urban enterprise zone (zone) in the city of Atlantic City for a one-time term of 10 years. The zone authorized under this bill would be the 33rd zone created under the Urban Enterprise Zone program, which was first authorized in 1983. The additional zone authorized pursuant to this bill is required to be designated within 90 days of the date of the submittal of an application and zone development plan by the municipality. Qualifying retail businesses in the additional zone to be designated pursuant to the criteria for priority consideration set forth in the bill would be entitled to collect sales and use tax reduced to the extent of 50 percent of the sales and use tax (SUT). A business operating as a casino is not eligible for the benefits of an eligible business under the UEZ program but a business operating on casino property not owned by a casino business may be eligible if it otherwise meets the criteria for business eligibility. During the first five years, all of the SUT revenues collected are to be appropriated for use by Atlantic City and during the second final five years, 66.5 percent of the SUT revenues collected are to be appropriated for use by Atlantic City. These revenues are to be used by Atlantic City to provide local property tax relief. This bill is meant to address the negative economic conditions experienced by Atlantic City over the past several years as the city transitions from a casino gaming destination to a general-interest tourist destination.

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Jim Beach (D)*,  Chris Brown (R)*, 

Introduced in the Senate, Referred to Senate Economic Growth Committee (on 03/16/2020)