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Urban Enterprise Zone City of East Orange, NJ |
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Urban Enterprise Zones Related Links Urban Enterprise Zone Locations 2005 UEZ Annual Report [pdf 3.2mb] New Jersey’s highly successful Urban Enterprise Zones (UEZ) Program was enacted in 1983. The UEZ Program was created to foster an economic climate that revitalizes designated urban communities and stimulates their growth by encouraging businesses to develop and create private sector jobs through public and private investment. The UEZ Program offers participating businesses many incentives that encourage business growth and stimulate local economies. Administered by the NJ Commerce, Economic Growth & Tourism Commission’s Department of Business Services & Urban Programs, the UEZ Program supports more than 157,000 full-time jobs and has attracted more than $20.4 billion in private investment. There are 8,000 businesses of all sizes and types participating and benefiting from the advantages of the UEZ Program. These include a number of tax and other financial incentives. Since the program’s inception, nearly 25,000 businesses have enjoyed UEZ Program benefits. Under the program, sales tax revenues generated by UEZ businesses are dedicated for use within the zones for economic development projects. To date, more than 1,807 such projects have been approved at a value of $590 million. Businesses participating in the UEZ Program can charge half the standard sales tax rate on certain purchases. In addition, UEZ businesses may enjoy tax exemptions on certain purchases and manufacturers may qualify for sales tax exemption on their energy and utility consumption when they meet specified employment and other criteria. For each new permanent full-time employee hired, businesses may receive a one-time $1,500 tax credit. Employers may also benefit from subsidized unemployment insurance costs for certain employees who earn less than $4,500 per quarter. The UEZ Program allows a tax credit against the Corporate Business Tax up to eight percent of qualified investments within the zone. Also, businesses may be eligible for priority financial assistance. From the initial 10 UEZs that were designated in 1984, the program has grown to 32 zones in 37 municipalities throughout the state. Businesses are encouraged to join the UEZ Program. The Commerce Commission Call Center can direct callers to the appropriate Commerce office, such as the UEZ Program, or other state agencies. 609-777-0885 or in-state, toll free
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City of East Orange |
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