N.J. considers renewing economic incentive program in Camden, Trenton, other cities

New Jersey lawmakers are considering legislation that would extend the Urban Enterprise Zone program for another 10 years.

About 6,000 businesses take advantage of the program that’s designed to help small firms by allowing them to charge half the state sales tax rate, said John Moran with the New Jersey League of Municipalities.

“The businesses don’t get it for free. They agree to certain conditions. The agree to hire New Jersey residents who’ve been unemployed for a year at least,” he said. “It’s a good program. It provides vital economic development in the towns where it exists. It’s been effective in helping those towns really survive.”

The legislation would restore the UEZ designation that expired last year in Newark, Camden, Trenton, Bridgeton, and Plainfield.

 

Click here to view full article