N.J. Admin. Code § 18:7-3A.1

Current through Register Vol. 56, No. 16, August 19, 2024

Section 18:7-3A.1 - General

(a) The New Jersey Urban Enterprises Zones Act, P.L. 1983, c. 303 (N.J.S.A. 52:27H-60 et seq.), approved August 15, 1983, provides for the establishment of up to 10 urban enterprise zones in urban areas suffering from high unemployment and economic distress. P.L. 1985, c. 391, made certain changes to eligibility requirements for designation as a zone. P.L. 1988, c. 93, modified the definition of a qualified business, made adjustments to the eligibility requirements for the employee tax credit, and provided for an alternative investment tax credit. P.L. 1993, c. 367, further modified the definition of a qualified business and provided for the designation of 10 additional enterprise zones. Zones are designated by an Urban Enterprise Zone Authority. The Authority may grant certain corporation tax and other benefits to businesses existing in, or formed in, enterprise zones, which have met the definition of a qualified business. This subchapter of the corporation tax rules sets forth the possible benefits, the necessary definitions, and the procedures for qualifying for any or all of these corporation tax benefits. Rules on the sales and use tax and urban enterprise zones are in N.J.A.C. 18:24-31. For Urban Enterprise Zone Authority rules and policies, see N.J.A.C. 5:120.

(b) No business can obtain tax benefits under this subchapter unless it meets the definition of a "qualified business" in 18:7-3A.2.

Amended by 49 N.J.R. 1694(a), effective 6/19/2017