Wildwood New Jersey

What Is A Urban Enterprise Zone?

The New Jersey Urban Enterprise Zone Program was created to stimulate economic growth and job creation in the State's designated zones. Participating businesses located in the Wildwood zone are eligible to receive incentives, including sales tax exemptions for building materials, equipment and supplies invested or used at the certified site, corporation tax benefits, and unemployment insurance rebates. Retailers charge only half the current sales tax on most "in person" purchases. Receipts from retail sales are deposited into a Zone Assistance Fund to which zone municipalities may apply for funding for projects within the urban enterprise zones. Over $315 million has been approved from the Zone Assistance Fund for more than 1,000 zone projects. The Program's over 6,500 participating businesses have created over 50,000 full-time jobs and 5,000 part-time jobs since the program's inception in 1984. These companies employ 150,000 full-time employees and project hiring nearly 25,000 employees this coming program year. Companies have invested over $9.9 billion to date in their businesses. They will invest another $1.9 billion in the upcoming program year.

Benefits to Qualified Businesses Include:

· Reduced Sales tax (3% vs. 6% outside the UEZ)

· Sales tax exemptions

· Corporate tax credit for the hiring of certain designated employee groups

· Subsidized unemployment insurance costs

· Priority assistance for the Local Development Fund Program

Zone Expansion

Due to this success of the Urban Enterprise Zone Program, the number of Urban Enterprise Zones has expanded from an original 10 in 1984 to the 30 zones in 35 municipalities today. Moreover, the program has helped create 65,070 full-time and 5,000 part-time jobs within the zones. This represents a total private investment estimated at $13.8 billion by these businesses.

These figures solidify what those residing throughout New Jersey's urban centers already know-that the state's Urban Enterprise Zone program is an effective, efficient tool for urban redevelopment. This reputation was only solidified in 1997, when the non-partisan National Association of State Development Agencies (NASDA) called the Garden State's UEZ program the "best in the nation," citing its creation of many thousands of jobs and billions in private investment.

On August 29, 2002 the four Wildwood Municipalities officially became the State of New Jersey's 28th Urban Enterprise Zone.

Business Incentives

Qualified retailers may charge 50 percent of New Jersey sales tax on "in person" purchases;

Sales tax exemptions for materials and for tangible personal property;

A one-time corporation tax credit of $1,500 for the full-time hiring of residents of a city where a Zone is located who have been unemployed or dependent upon public assistance for at least 90 days, or

Corporation tax credit of $1,500 for hiring resident within the zone, within another zone or within a qualifying municipality;

Subsidized unemployment insurance costs, for certain new employees;

An eligible firm may receive an incentive tax credit of 8 percent of investment in the Zone by an approved "in lieu" agreement;

Possible State regulatory relief by Zone request;

Priority for financial assistance from New Jersey Local Development Financing Fund (LDFF) and Job Training Program.

WILDWOODS UEZ MAP

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