New Jersey’s UEZ program was enacted in 1983 to foster an economic climate that revitalizes designated urban communities and stimulates their growth by encouraging businesses to develop and create private sector jobs through public and private investment. 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 tax credits for hiring and investing.
“NJBIA has supported this legislation because it encourages businesses to either start up or continue in urban areas, where private sector job creation is so critical,” Siekerka said. “NJBIA commends Governor Murphy and the bill’s sponsors for stabilizing the UEZ program and helping Main Street businesses in our urban areas.”
The legislation, S-846, was sponsored by Senators Shirley K. Turner, D-15, and Nilsa Cruz-Perez, D-5. The Assembly sponsors were: Eliana Pintor Marin, D-29; Raj Mukherji, D-33; Reed Guscicora, D-15; Patricia Jones, D-5; and Shavonda Sumter, D-35.