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 for certain purchases and activities within enterprise zones.

Additionally, the bill outlines the responsibilities of the UEZ Authority and the conditions under which a business can be approved as a qualified business, including the requirement to meet all tax obligations. It emphasizes the importance of community involvement through zone development corporations and neighborhood associations, which aim to stimulate economic activity and improve local conditions. 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