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 the roles of various entities involved in the UEZ program, such as the UEZ Authority, zone development corporations, and zone neighborhood associations, while outlining the conditions under which businesses can receive assistance and tax exemptions.

Additionally, the bill introduces new terms and clarifications regarding the types of assistance available to qualified businesses, including the "qualified assistance fund expense," which encompasses a range of expenses related to economic development, infrastructure improvements, and community support activities. The bill emphasizes the importance of meeting tax obligations for businesses seeking qualified status and outlines the criteria for employee eligibility within these zones. 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