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Bill > S2080
NJ S2080
NJ S2080Repeals $100,000 cap on sales and use tax exemption for certain capital improvements made by businesses participating in Urban Enterprise Zone program.
summary
Introduced
03/03/2022
03/03/2022
In Committee
06/29/2022
06/29/2022
Crossed Over
06/29/2022
06/29/2022
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
This bill retroactively repeals the $100,000 cap on the sales tax exemption for retail sales of materials, supplies, and services for the exclusive use of erecting structures or buildings on, or improving, altering or repairing the real property of a qualified business, or a contractor hired by the qualified business to make such improvements, alterations, or repairs. This sales tax exemption is currently available to qualified businesses participating in the State Urban Enterprise Zone program. The sales tax exemption was enacted in August of 2021 with a cap of $100,000, and applies to sales and uses on or after January 1, 2022. This bill keeps the exemption in place but eliminates the cap retroactively to January 1, 2022.
AI Summary
This bill retroactively repeals the $100,000 cap on the sales tax exemption for retail sales of materials, supplies, and services used by qualified businesses participating in the State Urban Enterprise Zone program to erect, improve, alter, or repair their real property. The sales tax exemption, which was enacted in August 2021 and applies to sales and uses on or after January 1, 2022, remains in place, but the $100,000 cap is eliminated retroactively to January 1, 2022.
Committee Categories
Business and Industry
Sponsors (7)
Vin Gopal (D)*,
Teresa Ruiz (D)*,
Mike Testa (R)*,
Nilsa Cruz-Perez (D),
Paul Sarlo (D),
Bob Singer (R),
Brian Stack (D),
Last Action
Received in the Assembly, Referred to Assembly Commerce and Economic Development Committee (on 06/29/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/S2080 |
| Fiscal Note - Fiscal Estimate | https://pub.njleg.gov/Bills/2022/S2500/2080_E1.PDF |
| Analysis - Statement SBA 6/27/22 | https://pub.njleg.gov/Bills/2022/S2500/2080_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/S2500/2080_I1.HTM |
| Bill | https://pub.njleg.gov/Bills/2022/S2500/2080_I1.PDF |
| BillText | https://www.njleg.state.nj.us/Bills/2022/S2500/2080_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/S2500/2080_I1.PDF |
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