ASSEMBLY, No. 3549
with Assembly Floor Amendments
(Proposed by Assemblywoman PINTOR MARIN)
ADOPTED: MARCH 26, 2018
This amendment will reinstate, until December 31, 2023, each urban enterprise zone (UEZ) that has expired. The amendment will also extend, until December 31, 2023, the duration of each UEZ that is scheduled to expire prior to December 31, 2023. The amendment provides that all reduced-rate revenues collected within a UEZ, during reinstatement or extension, will be deposited in the General Fund.
The amendment will require the Department of Community Affairs (DCA) to study the UEZ program and to submit to the Legislature a report and recommendations as to whether the program should continue as is, be amended, or expire. The amendment authorizes DCA to enter into an agreement with a third party to conduct the study and prepare the report. The amendment requires the Commissioner of Community Affairs, after consulting with the State Treasurer, and prior to the first day of the twelfth month next following enactment of this bill, to submit to the Legislature the report on the Urban Enterprise Zone program and the department's recommendations as to whether the program should be reconstituted, continued as it currently exists, or continued with specific recommended changes.
The amendment specifies that the study, report, and recommendations must include an assessment of the following:
(1) the adequacy of past funding for UEZs in furthering the goals of the “New Jersey Urban Enterprise Zones Act”;
(2) whether changes are needed to address future funding for UEZs in furthering these goals;
(3) whether the criteria established for eligibility to assist fiscally distressed municipalities is appropriate; and
(4) what parameters should be established to keep UEZ municipalities competitive while providing a sufficient return on State investment.
The amendment directs the New Jersey Urban Enterprise Zone Authority to fund the cost of conducting the study and preparing the report from the account maintained in the name of the authority in the enterprise zone assistance fund.