In State Fiscal Year 2023, the amount appropriated to the enterprise zone assistance fund shall be determined as follows: The State Treasurer, in consultation with the UEZ Authority, shall determine the combined State tax expenditures for the Urban Enterprise Zone Special Sales Tax Rate and Urban Enterprise Zone Exempt Business Purchases in the six-month period beginning January 1, 2022 and ending June 30, 2022. The combined State tax expenditures for the Urban Enterprise Zone Special Sales Tax Rate and Urban Enterprise Zone Exempt Business Purchases for the six-month period beginning January 1, 2022 and ending June 30, 2022, shall be multiplied by two and then subtracted from the ZAF base fund amount. The difference shall be the State Fiscal Year 2023 appropriation to the enterprise zone assistance fund.
Beginning in State Fiscal Year 2024, and in each State fiscal year thereafter, the amount appropriated to the enterprise zone assistance fund shall be determined as follows: After January 1 but prior to June 30, the State Treasurer, in consultation with the UEZ Authority, shall develop a methodology to compare the combined State tax expenditures for the Urban Enterprise Zone Special Sales Tax Rate and Urban Enterprise Zone Exempt Business Purchases in the prior State fiscal year with the ZAF base fund amount to calculate the savings achieved by P.L. 2021, c. 197. The savings determined shall be the amount appropriated to the enterprise zone assistance fund for the State fiscal year.
N.J.S. § 52:27H-98