This bill authorizes the creation of an additional urban enterprise zone (UEZ) in Hoboken City, increasing the total number of UEZs in New Jersey from 32 to 33. It establishes that no more than one enterprise zone can be designated in any single municipality and emphasizes the need to avoid excessive geographic concentration of zones. The bill mandates that at least six of the ten additional enterprise zones must be located in counties where no zones have been previously designated. Furthermore, it stipulates that applications for new zones must be processed within 90 days and that designated zones will receive a 50% tax exemption under the Sales and Use Tax Act.

In addition to the Hoboken UEZ, the bill updates definitions and criteria for qualified businesses and municipalities, including the requirement for businesses to meet all outstanding tax obligations to maintain their qualified status. It introduces specific criteria for the designation of seven additional enterprise zones, including population and density requirements for qualifying municipalities. Notably, one new criterion specifies that an additional zone must be located in a municipality with a population between 45,000 and 55,000 and a population density between 35,000 and 45,000 persons per square mile in a first-class county with a population under 700,000, aiming to strategically foster economic development in targeted areas.

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