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Gusciora UEZ Bill clears committee

March 5, 2018     

By NJG Press Releases, March 05 2018 4:12 pm

 Gusciora UEZ Bill clears committee

Measure Would Provide Boon to Capital City

 

(Trenton, NJ) –Assemblyman Reed Gusciora (D-Trenton) bill to extend UEZ designations cleared the Assembly Commerce and Economic Development Committee today.

“The bill (A3549) extends the designation for the former UEZ zones located in the cities of Bridgeton, Camden, Newark, Plainfield and Trenton for ten years. “

“UEZ zones enable businesses to sell merchandise at one half of the normal sales tax rate. This is a critical component for economic development in the capital city and will keep stalwart businesses in place, and attract new ones to Trenton.” Stated Gusciora.

In 2017, Governor Christie vetoed Gusciora’s prior UEZ extension bill citing low participation in the designated zones. “The Governor was factually incorrect in his representation of the effects of the UEZ zones. In Trenton alone, more than 180 business participate in the program and benefit greatly from the competitive edge it provides. Griffith Electric, which does nearly $25 million dollars’ worth of sales a year, can only do so because of the reduced sales tax rates it can offer to its wholesale customers. UEZs play a critical role in the revitalization of urban areas across the state”

The sponsor noted that in addition to vetoing the UEZ legislation in 2017, the Governor removed the Capital City line item from the budget since 2011.

“In order to have a successful economic revitalization in struggling urban municipalities, municipal and state governments need to work together to create an optimal growth environment to attract private investment to the cities. Without consistent investment in education and infrastructure in these cities, investors will look elsewhere.”

 

FOR IMMEDIATE RELEASE                                         

CONTACT: Nicholas Gangemi                                                                                       

(856) 651-8241

 

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