Are you aware of the NJ Urban Enterprise Zone Program?
The New Jersey’s Urban Enterprise (UEZ) Program, enacted in 1983, is in the Department of Community Affairs. The UEZ Program exists 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.
Benefits to Businesses
- Reduced Sales Tax – currently 3.3125%, effective 1/1/2018
- Tax Free Purchases on certain items such as capital equipment, facility expansions, and upgrades
- Financial Assistance from agencies such as NJEDA
- Subsidized unemployment insurance costs for employees who earn less than $4,500 per quarter
- Energy Sales Tax Exemption for qualified manufacturing firms with at least 250 employees, 50% of whom are working in manufacturing
- Tax Credit Options (owners may elect one of the following)
- Up to $1,500 for new permanent full-time employees hired
- Up to 8% Corporate Business Tax credit on qualified investments.
For more information and how to become a Certified UEZ Business, click on the link below:
If you have any questions on how this could affect your business tax situation, click here to speak with one of our tax professionals.