This bill authorizes the creation of an additional urban enterprise zone (UEZ) in New Jersey, increasing the total number of enterprise zones from 32 to 33. It clarifies definitions and criteria for qualified businesses and municipalities eligible for designation as enterprise zones, emphasizing that no more than one enterprise zone can be designated in any single municipality to prevent excessive geographic concentration. The bill mandates that at least six of the ten new enterprise zones must be located in counties where zones have not previously been designated, and it outlines specific criteria for designation based on population and unemployment metrics.

Specifically, the bill establishes an additional UEZ in Burlington City, Burlington County, requiring a poverty rate of at least 12 percent and a population between 9,000 and 11,000. It also introduces a new criterion for an additional zone, which must be located in a qualifying municipality with a population greater than 11,400 and less than 11,600. Qualified businesses within the newly designated UEZ will benefit from reduced sales and use tax rates, enhancing economic development in distressed areas by providing targeted support and incentives for eligible businesses.

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