Bill would alter UEZ law

TRENTON – The Assembly Appropriations Committee released bill A4104 by an 8-4 vote, which makes changes to the Urban Enterprise Zones law.

Among the changes are that a gradually smaller percentage of revenues (no smaller than 33.3 percent) goes back to the municipalities until July 1, 2022 when all funding to UEZ municipalities under the UEZ program would cease and future revenues would be allocated to the General Fund.

Another change is that it would provide that UEZ municipalities are to annually receive that percentage of funding as a grant after application for the funds to the UEZ Authority with 10 percent of that amount allowed for administrative purposes.

All the Republicans on the committee voted against releasing it.

 

Bill would alter UEZ law