Repeals $100,000 cap on sales and use tax exemption for certain capital improvements made by businesses participating in Urban Enterprise Zone program.

This bill removes a $100,000 spending limit on sales and use tax exemptions for businesses in New Jersey's Urban Enterprise Zone (UEZ) program. It directly affects qualified UEZ businesses that make capital improvements like building, repairing, or substantially upgrading their property. The key change eliminates the previous cap, allowing these businesses to claim full tax exemptions on all qualifying materials, supplies, and services used for eligible improvements - retroactive to January 1, 2022. This policy change applies to businesses with a valid UEZ certification (UZ-4) operating in designated zones.