Yesterday, the Assembly Appropriations Committee released two bills, both supported by NJBIA, concerning New Jersey’s Urban Enterprise Zones (UEZs):
- A-3549 (Pintor Marin, D-29; Mukherji, D-33; Gusciora, D-15) would extend the duration of each previously designated UEZ for 10 years from the effective date of the bill, including the UEZs in the towns of Bridgeton, Camden, Newark, Plainfield and Trenton, which expired at the end of 2016.
- A-3551 (Pintor Marin, D-29; Mukherji, D-33; Gusciora, D-15) would require the New Jersey Urban Enterprise Zone Authority to undertake a review and analysis of the UEZ program and report its findings and recommendations to the Governor and the Legislature, no later than 24 months after the effective date of the bill.
New Jersey’s UEZ program, enacted in 1983, fosters 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.