This bill amends the "New Jersey Urban Enterprise Zones Act" to expand the definition of "qualified assistance fund expense." Specifically, it now includes expenses related to the purchasing, leasing, or acquiring of land or other property as part of the assistance fund expenses that can be utilized for various economic development activities within designated urban enterprise zones. This change aims to enhance the flexibility and effectiveness of the assistance fund in supporting businesses and community development in these areas.

In addition to the new insertions, the bill maintains existing definitions and provisions related to enterprise zones, qualified businesses, and various forms of assistance. The inclusion of property acquisition as a qualified expense is intended to facilitate more comprehensive support for businesses operating in urban enterprise zones, thereby promoting economic growth and revitalization in these communities. The bill is set to take effect immediately upon enactment.

Statutes affected:
Introduced: 52:27H-62