WOND News

Urban Enterprise Zone

A plan under consideration by the state Legislature would allow local companies to charge half the standard state sales tax, with the proceeds going toward local property tax relief.The bill would designate Atlantic City as an Urban Enterprise Zone for a 10-year period.The program, which has been in place in New Jersey since 1983, offers consumers a 50% discount on the 6.625% sales tax that the state levies on the majority of purchases.All sales tax proceeds would be used for property tax reduction in Atlantic City for the first five years of the program. Two-thirds of the funds would go toward property tax relief during the next five years.

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