Changes State assistance to urban enterprise zones over seven years by increasing reduced sales tax in enterprise zones and dedicating increase to zone municipalities.

This bill (A 1575) modifies New Jersey's urban enterprise zone program by increasing the reduced sales tax rate applied within designated enterprise zones. The additional tax revenue generated from this increase would be dedicated directly to the municipalities where these zones are located. It affects qualifying municipalities that have enterprise zones meeting specific unemployment criteria, as defined in the law. The change aims to provide ongoing funding for municipal services and zone development projects through this dedicated tax revenue stream, rather than through other state funds. The bill amends the existing enterprise zone assistance fund provisions to implement this tax-based revenue source.