TRENTON, NJ—Legislation that would prevent the state from using Urban Enterprise Zone dollars to fill gaps in the state budget was approved December 18 by the Senate and the General Assembly. The bill now goes to Gov. Christie for signature. In the past, the governor has vetoed a wide range of UEZ-related legislation, casting doubt about the fate of this legislation.
The legislation would reform the UEZ program by requiring that 30 percent of all reduced rate sales tax revenues collected by businesses within Urban Enterprise Zones (UEZs) be deposited into accounts earmarked for each respective municipality for economic development projects. The remaining 70 percent of the funds would be deposited into the state's general fund and property tax relief fund.
For the past four budgets, the current statutes governing UEZs have been suspended and the state has diverted all UEZ tax revenue for state budget purposes.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
