Pintor Marin, Mukherji & Gusciora Bill to Revive UEZs in Bridgeton, Camden, Newark, Plainfield & Trenton & Extend All UEZs for 10 Years Heads to Governor’s Desk

Pintor Marin, Mukherji & Gusciora Bill to Revive UEZs in Bridgeton, Camden, Newark, Plainfield & Trenton & Extend All UEZs for 10 Years Heads to Governor’s Desk

 

(TRENTON) – Legislation sponsored by Assembly Democrats Eliana Pintor Marin, Raj Mukherji and Reed Gusciora to extend Urban Enterprise Zones for 10 years – including reviving the ones in Bridgeton, Camden, Newark, Plainfield and Trenton – and require a report on the effectiveness of the program was advanced Thursday by the Assembly and now heads to the Governor’s desk.

The bill (A-3549) extends the duration of each zone (UEZ) for 10 years starting 90 days after the effective date of the bill. This extension will reactivate the five UEZs that expired in Bridgeton, Camden, Newark, Plainfield and Trenton.

“The UEZ program has produced a tremendous amount of benefits for many towns and residents throughout our state, including Newark,” said Pintor Marin (D-Essex). “Given the results it has already provided and how many more towns could benefit from it, it deserves to be extended.”

“Urban Enterprise Zones have been an integral part of urban revitalization for many years now,” said Mukherji (D-Hudson).  “Extending their designation will help many cities remain economically competitive while spurring job growth and economic development.”

“Over the years, the Urban Enterprise Zone program has helped attract both new businesses and consumers alike, and has helped revitalize cites struggling to reinvigorate once-thriving business districts,” said Gusciora (D-Mercer/Hunterdon). “It makes little economic sense to have halted this momentum.  By extending this designation, we can help these towns continue their renaissance.”

Under the bill, qualifying retail businesses in UEZs may continue to charge and collect the state’s sales and use tax at one-half of the normal rate. The bill also provides that, after dedicating 10 percent of UEZ sales and use tax revenues for administration of the UEZ program, the remaining revenues would be divided equally for UEZ purposes and General Fund purposes. The bill specifies that UEZ purposes are limited to economic development and job creation purposes.

The UEZ Program – first created in 1983 – offers participating businesses incentives that encourage business growth and stimulate local economies.

Approximately 6,800 certified UEZ businesses participate and benefit from the advantages of the UEZ program statewide. These include a number of tax and financial incentives, including tax credits to hire local workers.

A-3549 has now been passed by both the Senate and Assembly and is poised to become law.

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