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Could New Jersey’s Revamped UEZ Program Benefit Your Business?

Could New Jersey’s Revamped UEZ Program Benefit Your Business?

Author: Donald M. PepeDate: September 17, 2021

New Jersey is relaunching its Urban Enterprise Zone (UEZ) Program, which aims to stimulate economic growth by providing tax and other financial incentives to participating businesses. For New Jersey developers, the program can provide a number of key benefits.

Under legislation recently signed into law by Acting Governor Sheila Oliver, the UEZ Program will be fully operational for the first time in more than ten years, with $42.5 million in Zone Assistance Funds (ZAF) for FY22. “The UEZ Program helps support the local economy, particularly in our urban centers,” Oliver said in a press statement. “I am excited to sign this legislation today restoring UEZ funding, especially as many of these cities and businesses located in the designated communities continue to recover from the pandemic. Starting today, the UEZ Program will be an essential part of the state’s economic recovery strategy.”

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