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NJ S1350
NJ S1350Repeals $100,000 cap on sales and use tax exemption for certain capital improvements made by businesses participating in Urban Enterprise Zone program.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 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 certain capital improvements made by businesses participating in the State Urban Enterprise Zone program. The sales tax exemption, which was enacted in August 2021 and applies to sales and uses on or after January 1, 2022, is kept in place but the $100,000 cap is eliminated retroactively to January 1, 2022. This allows qualified businesses participating in the Urban Enterprise Zone program to claim a full sales tax exemption on materials, supplies, and services used for erecting, improving, altering, or repairing their real property, without the previous $100,000 limit.
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
Introduced in the Senate, Referred to Senate Economic Growth Committee (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/S1350 |
| BillText | https://pub.njleg.gov/Bills/2024/S1500/1350_I1.HTM |
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