Bill > A5438

This bill clarifies the process for administrative appropriations to Urban Enterprise Zones (UEZs). The key provisions are: 1. It defines "retail sales" that are eligible for the 50% sales tax exemption in UEZs, excluding certain items like motor vehicles, alcohol, and cannabis products. 2. It establishes a formula for allocating funds from the Enterprise Zone Assistance Fund to individual UEZs based on factors like commercial/industrial parcels, distress scores, and unemployment. 3. It sets annual appropriations to the Enterprise Zone Assistance Fund, with limits on the maximum and minimum amounts, and provides for excess funds to be deposited in the General Fund. 4. It allows the State Treasurer to impose limits on the sales tax exemptions if the annual appropriation would otherwise be less than $60 million, while ensuring at least $50,000 in exempt sales per qualified business.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2022/A5438