The bill amends Section 3 of P.L.1983, c.303 (C.52:27H-62) to update definitions related to the Urban Enterprise Zone (UEZ) program in New Jersey. Key definitions include "qualified business," which refers to entities engaged in trade within designated enterprise zones and meeting specific employment criteria, and "qualifying municipality," which pertains to municipalities previously designated under the program. The bill also clarifies terms related to economic distress, public assistance, and various certifications (UZ-2, UZ-4, UZ-5) that allow qualified businesses to benefit from tax exemptions and assistance for infrastructure improvements.

Additionally, the bill outlines the responsibilities of the UEZ Authority and the conditions under which businesses can be approved as "qualified." It emphasizes the importance of meeting tax obligations for continued qualification and details the types of expenses that can be covered by the assistance fund, including infrastructure improvements and community development initiatives. The act is set to take effect immediately upon approval.

Statutes affected:
Introduced: 52:27H-62
Advance Law: 52:27H-62
Pamphlet Law: 52:27H-62