This bill establishes Hackensack City as an additional urban enterprise zone (UEZ) under the existing UEZ program initiated in 1983. It amends Section 3 of P.L.1983, c.303 (C.52:27H-62) to include Hackensack as a qualifying municipality and updates the definition of "qualified business" to ensure that businesses in the new zone can access various tax exemptions. The legislation increases the total number of enterprise zones from 32 to 33, while also stipulating that only one enterprise zone can be designated per municipality.

Furthermore, the bill outlines specific criteria for the designation of the additional zones, including population and poverty rate requirements, with a new criterion mandating that the additional zone must be in a municipality with a poverty rate of at least 12 percent and a population exceeding 45,000. The New Jersey Urban Enterprise Zone Authority is required to accept applications for these zones within 90 days of the bill's effective date, and the additional UEZ in Hackensack will be designated within 90 days of a submitted application and development plan. The bill aims to stimulate economic development in Hackensack by providing tax incentives and resources to support local businesses and enhance employment opportunities.

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