N.J. Admin. Code § 5:120-4.4

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

Section 5:120-4.4 - Evaluation and approval process for an application for 50 percent sales and use tax exemption to an urban enterprise zone municipality

(a) The Administrator shall evaluate each municipal application for the 50 percent sales and use tax exemption, considering the following factors:

1. The probability that the granting of the exemption will create permanent fulltime new jobs in the applying municipality;

2. The probability that the granting of the exemption will increase the valuation of real property in the applying municipality;

3. The probability that the granting of the exemption will contribute to the economic and social revitalization of the applying municipality;

4. The probability that the granting of the exemption will significantly increase the economic activity of the applying municipality;

5. The probability that the granting of the exemption will increase the capital expenditures to be undertaken by qualified zone businesses in the applying municipality;

6. The social and economic impact that the granting of the exemption will have on other State of New Jersey Urban Enterprise Zone municipalities; and

7. The extent to which the granting of the exemption will further the purposes and intent of the Urban Enterprise Zones Act, 52:27H-60 et seq.

(b) After the evaluation is completed, the Administrator shall forward to the UEZA the following items for their review:

1. The evaluation of the application completed by the Administrator;

2. The application and accompanying documents submitted by the municipality; and

3. Any written comments received from interested parties concerning the application of the municipality for the exemption.

(c) The UEZA shall, within 120 days from the completion of the evaluation by the Administrator, review the application of a municipality for the 50 percent sales tax exemption and advise the municipality that:

1. The application has been approved;

2. The application has been denied; or

3. The application remains under consideration pending receipt of additional specified documents.

N.J. Admin. Code § 5:120-4.4

Recodified from N.J.A.C. 5:121-2.4 and amended by R.2009 d.331, effective 11/2/2009.
See: 41 N.J.R. 2372(a), 41 N.J.R. 4071(b).
Section was "Evaluation of 50 percent sales tax exemption municipal application". In the introductory paragraph of (a), inserted "and use"; and in (c)3, substituted "documents" for "information".