Bill > A4392

Introduced Session

This bill, designated as the "Atlantic City Urban Enterprise Zone and Property Tax Relief Act," authorizes the creation of an urban enterprise zone (zone or UEZ) in the city of Atlantic City for a one-time term of 10 years. The bill requires designation of the Atlantic City UEZ within 90 days of the date Atlantic City submits a UEZ application and zone development plan. Qualifying retail businesses located within the new zone to be designated under the bill would be able to charge and collect a reduced sales and use tax , set at 50 percent of the sales and use tax (SUT) rate. A business operating as a casino does not qualify as an eligible business under the UEZ program, however, a business operating on casino property which is not owned by a casino business may be eligible if it otherwise meets the criteria for business eligibility. Under the bill, all of the SUT revenues collected within the Atlantic City UEZ are to be appropriated for use by Atlantic City for public safety purposes. The revenues derived from the receipts of all retail sales of non-exempt goods are to be deposited into the dedicated public safety services trust fund established pursuant to subsection c. of section 1 of P.L.2021, c.497 (C.5:12-152.1) and are to be used by the municipality solely and exclusively to fund appropriations for public safety services. This bill is meant to address the negative economic conditions experienced by Atlantic City over the past several years as the city transitions from a casino gaming destination to a general-interest tourist destination.

Committee Categories

Verlina Reynolds-Jackson (D)*,  Claire Swift (R)*,  Don Guardian (R), 

Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee (on 05/16/2024)

Official Document