The bill amends existing legislation to authorize 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 designating this new zone, which must be located in a municipality with a poverty rate of at least 12 percent and a population between 9,000 and 11,000. The bill also mandates that the New Jersey Urban Enterprise Zone Authority must act on applications for the new zone within 90 days of submission, ensuring a timely response to municipalities seeking designation.

In addition to creating the new UEZ, the bill updates definitions and criteria related to qualified businesses and municipalities, removing outdated references and introducing new standards for designating additional zones. Qualified businesses within the new zone will benefit from tax incentives under the "Sales and Use Tax Act," including a reduced sales and use tax rate on retail sales, set at half of the standard rate. The overall aim of the bill is to enhance economic development in distressed areas by providing targeted support and incentives for businesses operating within these newly designated enterprise zones.

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