Bill > S1834

This bill authorizes the creation of one additional Urban Enterprise Zone (UEZ), bringing the total number of UEZs in New Jersey to 33. An Urban Enterprise Zone is a designated area within a municipality intended to stimulate economic development and create jobs, offering tax incentives to qualified businesses operating within its boundaries. The New Jersey Urban Enterprise Zone Authority (UEZ Authority) will oversee the designation process, which requires the municipality to submit an application and a zone development plan. Once designated, qualified businesses within this new UEZ will be eligible for benefits under the existing UEZ program, most notably a reduced sales and use tax rate of half the standard rate on retail sales. This expansion is part of a long-standing program first authorized in 1983, with specific criteria and application timelines outlined for the new zone.