This bill authorizes the creation of an additional urban enterprise zone (UEZ) in Burlington City, Burlington County, increasing the total number of enterprise zones in New Jersey from 32 to 33. It establishes specific criteria for the designation of this new zone, requiring that the municipality has a poverty rate of at least 12 percent and a population between 9,000 and 11,000 in a second-class county with the lowest population density. The bill mandates that the New Jersey Urban Enterprise Zone Authority must designate the new UEZ within 90 days of receiving the municipality's application and development plan.

Additionally, the bill clarifies definitions and criteria for qualified businesses and municipalities eligible for designation as enterprise zones, ensuring that at least six of the ten new zones must be located in counties without prior designations. It also includes a new criterion for the designation of enterprise zones related to poverty rates, while deleting the conjunction "and" from the list of criteria. Qualified businesses within the new UEZ will benefit from a 50% exemption from sales tax, similar to existing zones, thereby providing economic incentives to stimulate growth in the designated areas.

Statutes affected:
Introduced: 52:27H-62, 52:27H-66, 52:27H-66.1