The 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 that no more than one enterprise zone can be designated in any single municipality and requires that at least six of the ten additional zones be located in counties without prior designations. The New Jersey Urban Enterprise Zone Authority must act on applications within 90 days, and the new zone must meet specific criteria, including a poverty rate of at least 12% and a population between 9,000 and 11,000.

Furthermore, the bill updates definitions and criteria for qualified businesses and municipalities, ensuring that businesses in the new UEZ can collect sales and use taxes at a reduced rate of 50%. It introduces a new criterion for zone designation based on poverty rates while deleting the conjunction "and" from the list of criteria. These amendments aim to enhance economic development in distressed areas by providing targeted support and incentives for businesses operating within the newly established zone.

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