Bill
Bill > S1318
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
01/09/2024
01/09/2024
Dead
01/09/2024
01/09/2024
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill clarifies the process for appropriating revenue under the State Urban Enterprise Zone (UEZ) Program for use within UEZs. Specifically, this bill clarifies this process by: (1) requiring the revenues collected in UEZs from retail sales subject to the 50 percent sales tax exemption to be deposited in the Zone Assistance Fund (ZAF); (2) providing that the UEZ revenue flows directly to the ZAF; (3) appropriating $82.5 million to the ZAF from the General Fund; (4) excluding the sales of medical and recreational cannabis, and related supplies from the 50 percent sales tax exemption within UEZs, as is currently the case for alcoholic beverages and other goods and services; and (5) making certain technical changes.
AI Summary
This bill clarifies the process for appropriating revenue under the State Urban Enterprise Zone (UEZ) Program for use within UEZs. Specifically, it requires the revenues collected in UEZs from retail sales subject to the 50 percent sales tax exemption to be deposited in the Zone Assistance Fund (ZAF). It also appropriates $82.5 million to the ZAF from the General Fund and excludes the sales of medical and recreational cannabis, and related supplies from the 50 percent sales tax exemption within UEZs, as is currently the case for alcoholic beverages and other goods and services. The bill also makes certain technical changes to the UEZ program.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
Withdrawn Because Approved P.L.2023, c.282. (on 01/09/2024)
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/2024/S1318 |
| BillText | https://pub.njleg.gov/Bills/2024/S1500/1318_I1.HTM |
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