Bill > S4734

This bill authorizes the creation of an additional Urban Enterprise Zone (UEZ) in Burlington City, Burlington County, bringing the total number of UEZs in New Jersey to 33. The bill amends existing law to add a new qualifying municipality for UEZ designation based on specific demographic criteria, specifically targeting a municipality with a poverty rate of at least 12 percent according to the 2023 Municipal Revitalization Index, and a population between 9,000 and 11,000 in the county of the second class with the lowest population density. The Urban Enterprise Zone program, first established in 1983, provides economic benefits to businesses in designated zones, including a reduced sales tax rate of 50% on retail sales within the zone. Qualified businesses in the new UEZ will be eligible for various tax benefits and incentives, such as tax-free purchases of business equipment and supplies, and potential exemptions on sales and use taxes. The bill requires the New Jersey Urban Enterprise Zone Authority to designate the new zone within 90 days of receiving an application and zone development plan from the qualifying municipality.