This bill authorizes the establishment of an additional urban enterprise zone (UEZ) in Burlington City, Burlington County, increasing the total number of UEZs in New Jersey from 32 to 33. It sets forth specific criteria for the designation of these zones, including a requirement that qualifying municipalities must have a poverty rate of at least 12 percent and a population between 9,000 and 11,000. The new zone will be designated within 90 days of the municipality submitting an application and a zone development plan to the New Jersey Urban Enterprise Zone Authority. Businesses operating within this UEZ will benefit from a reduced sales and use tax rate, allowing them to collect taxes at half the standard rate.

Additionally, the bill amends existing legislation to clarify definitions and criteria for designating enterprise zones, ensuring that no more than one zone can be designated in a single municipality and that at least six of the ten new zones must be located in counties without prior designations. The legislation emphasizes the need to avoid excessive geographic concentration of zones and includes provisions for tax exemptions under the "Sales and Use Tax Act" for businesses within these zones. The amendments aim to modernize the law by inserting new definitions and removing outdated references, thereby aligning the legislation with current economic development needs.

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