Bill > S3837

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 a 50% sales tax exemption in UEZs, excluding certain items like motor vehicles, alcoholic beverages, cigarettes, and cannabis products. 2. It establishes the Enterprise Zone Assistance Fund as the repository for the sales tax revenue generated from eligible retail sales in UEZs, and outlines how these funds are to be allocated and used by the UEZ Authority and municipalities for economic development projects and limited administrative expenses. 3. It modifies the formula for determining the annual appropriation to the Enterprise Zone Assistance Fund, tying it to the combined state tax expenditures for the UEZ sales tax exemptions, with a minimum annual appropriation of $60 million. The bill aims to clarify and stabilize the funding mechanism for UEZ administrative and economic development activities.

Budget and Finance, Business and Industry

https://www.njleg.state.nj.us/bill-search/2022/S3837