Lawmakers in both the state Senate and Assembly passed legislation that would reinvigorate the Urban Enterprise Zone program, which assists in raising tax revenue in 37 economically challenged areas in New Jersey.
In the designated Urban Enterprise Zones, according to the legislation, 30 percent of tax revenue collected by businesses will be deposited into that municipality’s Enterprise Zone Assistance Funds and used by the municipality for different projects or programs.
The remaining 70 percent will continue to go toward the state’s general fund, according to the legislation. “It means jobs. It means infrastructure. It means, instead of money being drained out of the local towns to the state, we’re getting some of the money back to our local folks who are paying so much in taxes already,” he said.
The funds would be especially helpful in Cumberland County, which falls under Van Drew’s First Legislative District, and has UEZ programs in its three major municipalities: Bridgeton, Millville and Vineland.