NJ S1231

Creates a new urban enterprise zone (UEZ) in Atlantic City for a one-time 10-year term, bringing the total number of enterprise zones in New Jersey to 33

Qualified retail businesses within the zone receive a 50% reduction in sales and use tax collection, with casinos excluded from eligibility but non-casino businesses operating on casino property potentially qualifying

During the first 5 years, 100% of the sales tax revenue collected from the zone goes to Atlantic City's enterprise zone trust fund; during years 6-10, the city receives 30% while the state receives 70%

All revenues deposited into Atlantic City's enterprise zone trust fund must be used exclusively to provide local property tax relief to residents

Applications and zone development plans must be submitted within 90 days of the law's effective date, with designation required within 90 days of submittal