N.J. Admin. Code § 5:120-4.2

Current through Register Vol. 56, No. 23, December 2, 2024

Section 5:120-4.2 - Zone municipality application for 50 percent sales tax exemption

(a) Each application for the 50 percent sales tax exemption shall be accompanied by a certified resolution of the governing body of the municipality supporting the application.

(b) Each application for the 50 percent sales tax exemption shall be accompanied by a benefit statement prepared by the municipality or its agent. The benefit statement shall include, but is not limited to:

1. The number of permanent fulltime jobs to be created in the municipality and the existing UEZ if the exemption were to be granted;

2. The increase in the valuation of real property in the municipality and the existing UEZ if the exemption were granted;

3. The extent to which the granting of the exemption would contribute to the economic and social revitalization of the municipality and the existing UEZ;

4. Any other information the UEZA deems relevant or necessary for the purpose of evaluation of the municipal application.

(c) Each application for the 50 percent sales tax exemption shall be accompanied by an analysis of the impact on the other UEZs in the State of New Jersey if the exemption were to be granted. The impact analysis shall include, but is not limited to:

1. An analysis of whether the exemption would have an effect on the valuation of UEZ municipalities;

2. An analysis of whether the exemption would have an effect on the social and economic revitalization of other UEZ municipalities;

3. An analysis of whether the exemption would have an effect on the growth of businesses in other UEZ municipalities;

4. An analysis of the increase or decrease of State Tax and other revenues to be created if the exemption were to be granted.

N.J. Admin. Code § 5:120-4.2

Recodified from N.J.A.C. 5:121-2.2 and amended by R.2009 d.331, effective 11/2/2009.
See: 41 N.J.R. 2372(a), 41 N.J.R. 4071(b).
In the introductory paragraph of (c), inserted "to be".