The expiration date for New Jersey’s Urban Enterprise Zones (UEZ) would be extended for 10 years under legislation released by the Senate Economic Growth Committee today. The bill would also apply to the UEZ communities of Bridgeton, Camden, Newark, Plainfield and Trenton, whose designation expired at the end of 2016. The New Jersey Business & Industry Association (NJBIA) supports the bill, S-846 (Turner).
“The UEZ program has proven to be effective for cities that need economic development the most,” said Andrew Musick, NJBIA vice president of Taxation & Economic Development. “Small businesses still need the help that the UEZ program provides, so we should keep it in place until more effective alternatives can be found.
“Urban Enterprise Zones were created for Main Street and have helped countless small businesses through the years,” Musick said. “We thank Senator Turner for sponsoring this important piece of legislation.”
Businesses in UEZs are allowed to charge half of the state’s regular sales tax rate and receive incentives such as business-to-business tax exemptions, subsidies for unemployment insurance, and corporate-tax credits for hiring and investing.