The 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 specifies that no more than one enterprise zone can be designated in any single municipality to prevent excessive geographic concentration. At least six of the ten additional zones must be located in counties where enterprise zones have not previously been designated, and the authority is required to designate these zones within 90 days of application submission. The bill also updates definitions and criteria for qualified businesses and municipalities, ensuring that they meet specific conditions for approval and tax obligations.

Specifically, the bill establishes a new UEZ in Burlington City, Burlington County, based on poverty and population criteria, requiring a poverty rate of at least 12 percent and a population between 9,000 and 11,000. The new zone must be designated within 90 days of the municipality submitting an application and development plan. Qualified businesses in this zone will benefit from a 50% exemption from sales tax under the "Sales and Use Tax Act," aimed at enhancing economic development in distressed areas by providing targeted support and incentives.

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