Permits formation of additional urban enterprise zone.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill allows the New Jersey Economic Development Authority (NJEDA) to establish additional urban enterprise zones. These zones are designed to revitalize economically distressed urban areas by offering incentives to businesses that locate and create jobs within them. The bill aims to provide more opportunities for economic growth and job creation in targeted cities across the state. It expands the existing framework for these zones to include more communities in need.
Key provisions
- Authorizes the NJEDA to designate additional urban enterprise zones.
- Provides the NJEDA with the authority to offer tax incentives and other assistance to businesses operating within these zones.
- Specifies criteria for identifying and designating urban enterprise zones, focusing on areas with high unemployment and poverty.
- Allows for the creation of ‘opportunity zones’ within urban enterprise zones to further incentivize investment.
- Establishes a process for reviewing and approving new urban enterprise zones.
Who is affected
- Businesses
- Residents of designated urban areas
- The New Jersey Economic Development Authority (NJEDA)
- Local governments in designated urban areas
- Investors
Notable changes
- Expands the existing urban enterprise zone program.
Bill text
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Sponsors
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1 on record
Primary sponsor
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