Loading chat...
NJ S1350
Bill
Status
1/9/2024
Primary Sponsor
Michael Testa
Click for details
AI Summary
-
Removes the $100,000 cap on sales and use tax exemptions for materials, supplies, and services used to erect, improve, alter, or repair real property owned by qualified businesses in Urban Enterprise Zones
-
Qualified businesses must be certified by the UEZ Authority and hold a UZ-4 certification, with a place of business located in an eligible block group
-
"Substantially improving, altering, or repairing" is defined as improvements totaling at least 50% of the structure's market value before construction begins
-
Takes effect immediately and applies retroactively to sales and uses occurring on or after January 1, 2022
-
The original $100,000 cap was enacted in August 2021; this bill maintains the exemption while eliminating the spending limit
Legislative Description
Repeals $100,000 cap on sales and use tax exemption for certain capital improvements made by businesses participating in Urban Enterprise Zone program.
Economic Growth
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee
1/9/2024