SENATE, No. 829

STATE OF NEW JERSEY

INTRODUCED FEBRUARY 26, 1996

By Senator BUBBA

An Act concerning the New Jersey Urban Enterprise Zone Authority and supplementing P.L.1983, c.303 (C.52:27H-60 et seq.).

    Be It Enacted by the Senate and General Assembly of the State of New Jersey:

    1. a. In addition to the enterprise zones designated by the New Jersey Urban Enterprise Zone Authority pursuant to section 7 of P.L.1983, c.303 (C.52:27H-66), the authority shall designate one enterprise zone which shall exist concurrently with the enterprise zones designated pursuant to that section.

    b. A designation made pursuant to this section shall be for a period of 20 years and shall not be renewed at the end of that period.

    2. a. The additional zone authorized pursuant to section 1 of this act shall be designated within 90 days of the date of the submittal of an application and zone development plan. The authority shall accept an application within 90 days of the effective date of this act.

    b. Notwithstanding the provisions of P.L.1983, c.303 (C.52:27H-60 et seq.) to the contrary, the additional enterprise zone to be designated by the authority pursuant to the criteria for priority consideration set forth in this section shall be entitled to an exemption to the extent of 50% of the tax imposed under the "Sales and Use Tax Act," P.L.1966, c.30 (C.54:32B-1 et seq.).

    c. The additional enterprise zone authorized pursuant to section 1 of this act shall be located in a municipality with a population greater than 65,000 and less than 75,000, according to the latest federal decennial census, in a county of the second class with a population greater than 440,000 and less than 460,000, according to the latest federal decennial census.

    3. This act shall take effect on the first day of the third month following enactment, but the State Treasurer and the Commissioner of Commerce and Economic Development may take such anticipatory actions as may be necessary for the timely implementation of this act upon the effective date thereof.

STATEMENT

    This bill directs the New Jersey Urban Enterprise Zone Authority to designate one additional urban enterprise zone, to accept an application for the additional designation within 90 days of the effective date of the bill, and to designate the zone in accordance with the criteria for priority consideration within 90 days of the date of submission of an application.

Provides for one additional urban enterprise zone.