This bill designates Hackensack City as an urban enterprise zone (UEZ), amending existing legislation to facilitate this designation. It modifies Section 3 of P.L.1983, c.303 (C.52:27H-62) to include Hackensack City as a qualifying municipality and updates the definition of "qualified business" to ensure that businesses within the newly designated zone can benefit from various tax incentives. The bill increases the total number of enterprise zones allowed in New Jersey from 32 to 33 and stipulates that no more than one enterprise zone can be designated in any single municipality. Additionally, it introduces provisions for the application process, requiring that applications be accepted within 90 days of the legislation's effective date and emphasizes the need to avoid excessive geographic concentration of zones.

The bill also outlines specific criteria for the designation of the additional enterprise zones, including population thresholds and poverty rates. A new criterion allows for the establishment of a zone in a municipality with a poverty rate of at least 12 percent and a population greater than 45,000 in the most populous county. This addition aims to enhance economic opportunities in areas with higher poverty levels, thereby supporting local businesses through benefits such as reduced sales and use tax rates. Overall, the bill seeks to stimulate economic development in Hackensack City and surrounding areas by providing tax exemptions and support for qualified businesses operating within the urban enterprise zone.

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