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Urban
Enterprise Zone Designation
August 21, 2002
The City of Bayonne recently received designation as an Urban
Enterprise Zone (UEZ). This designation as a UEZ will provide
existing businesses the opportunity to take advantage of a
number of financial benefits.
Among the incentives available under the UEZ are:
- Qualified
retail businesses may charge 50% of the mandated 6% New
Jersey sales tax on certain “in-person” purchases.
- 100%
sales tax exemption for qualified businesses for the purchase
of certain materials and tangible personal property.
- One-time
corporation tax credit of $1,500 for each new, full-time
permanent employee who meets certain criteria.
- Subsidized
unemployment insurance costs for certain new employees with
gross salaries of less than $4,500 per quarter as per Department
of Labor schedule.
- Revenues
generated from the 3% sales tax are maintained in a Zone
Assistance Fund (ZAF) and are dedicated to use within the
Zone for certain economic development and/or public service
improvement projects.
For
more detailed information or an application, please contact
the Bayonne Town Center at (201) 339-9409,
or info@bayonnetowncenter.com.
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