{"id":873,"date":"2018-06-18T01:26:05","date_gmt":"2018-06-18T01:26:05","guid":{"rendered":"http:\/\/newarkspeaks.com\/?p=873"},"modified":"2018-07-07T17:30:26","modified_gmt":"2018-07-07T17:30:26","slug":"gov-murphy-restores-urban-tax-break-for-newark-businesses","status":"publish","type":"post","link":"https:\/\/newarkspeaks.com\/index.php\/2018\/06\/18\/gov-murphy-restores-urban-tax-break-for-newark-businesses\/","title":{"rendered":"Gov. Murphy Restores Urban Tax Break For Newark Businesses"},"content":{"rendered":"

By\u00a0Eric Kiefer<\/p>\n

NEWARK, NJ \u2014 Governor Phil Murphy just gave New Jersey businesses a big reason to operate in Newark, along with four other large Garden State cities: tax breaks.<\/p>\n

Last week, the state Department of Community Affairs (DCA) announced that Urban Enterprise Zone (UEZ) incentives have been restored in the cities of Newark, Plainfield, Trenton, Camden and Bridgeton.<\/p>\n

The program gives companies operating in those cities “saving opportunities” that include a reduced sales tax rate (currently 3.3125%) and tax-free purchases on certain items and improvements. Other possible incentives include financial assistance, subsidized unemployment insurance and additional tax credits.<\/p>\n

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Murphy signed the bill approving the UEZ incentives on May 30.<\/div>\n<\/div>\n<\/div>\n

Lt. Governor Sheila Oliver said that she was “thrilled” to see the program restored in the five cities.<\/p>\n

“There is a lot of work to be accomplished in our urban areas and I am hopeful that this program will give Newark, Plainfield, Trenton, Camden and Bridgeton one more tool to stimulate their local economies and provide much needed jobs for New Jerseyans,” Oliver said.<\/p>\n

To participate in the UEZ Program, businesses must be:<\/p>\n