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Last week, the Senate Economic Growth Committee approved S-846 (Turner), which would provide a 10-year extension for the expiration dates of New Jersey’s Urban Enterprise Zones (UEZ). The bill also applies to the UEZ communities of Bridgeton, Camden, Newark, Plainfield and Trenton, whose designation expired at the end of 2016. NJBIA supports the bill. For a copy of our press release, click here and for a copy of our testimony, click here.
New Jersey’s 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.