On behalf of our member companies that provide more than 1 million jobs in the state and make the New Jersey Business & Industry Association the largest statewide business association in the country, we are writing to express our SUPPORT of S-846 (Turner, Cruz-Perez). The bill extends the duration of the first five designated UEZs of Bridgeton, Camden, Newark, Plainfield, and Trenton until September 30, 2019 and requires the UEZ authority to assess and issue a report on the UEZ program.
As you are aware, New Jersey’s urban enterprise zone (UEZ) program was enacted in 1983 and exists to foster an economic climate that revitalizes designated urban communities and stimulates their growth by encouraging businesses to develop and create private sector jobs through public and private investment. Businesses in UEZs are allowed to charge half of the state’s regular sales tax rate and receive incentives such as business-to-business tax exemptions, subsidies for unemployment insurance, and tax credits for hiring and investing.
S-846 would extend the duration of the first five designated UEZs of Bridgeton, Camden, Newark, Plainfield, and Trenton until September 30, 2019. The UEZ designation for these five communities expired at the end of 2016 after multiple attempts to extend them.
The UEZ program has proven to be an effective economic development tool for cities, and has helped countless businesses, both large and small, through the years. The UEZ program has helped to revitalize designated urban communities and stimulate growth by encouraging businesses to develop and create private sector jobs through public and private investment.
Once again, NJBIA strongly supports S-846, and we urge you to vote “yes” when the bill comes before the full Senate for a vote on February 26, 2018. Thank you for considering our views and should you have any questions or need further information, please contact me at 609-858-9512.
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