Repeals $100,000 cap on sales and use tax exemption for certain capital improvements made by businesses participating in Urban Enterprise Zone program.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill removes a limit of $100,000 on the sales and use tax exemption for businesses participating in New Jersey’s Urban Enterprise Zone program. These businesses currently receive an exemption on materials and supplies used for building improvements. By repealing the cap, this legislation allows businesses in the Urban Enterprise Zone to fully utilize the tax exemption for larger construction projects, retroactively applying to January 1, 2022.
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