Changes State assistance to urban enterprise zones over seven years by increasing reduced sales tax in enterprise zones and dedicating increase to zone municipalities.

This bill increases the sales tax rate in New Jersey's urban enterprise zones (UEZs) from 3.5% to 7% over seven years (2016-2022), with the percentage of tax revenue dedicated to the Enterprise Zone Assistance Fund increasing annually from 12.5% to 50%. The fund supports public improvements, economic development projects, and upgraded municipal services within designated enterprise zones. After 2022, all sales tax collected in UEZs will be deposited into the General Fund instead of the assistance fund. The bill directly affects businesses operating within designated enterprise zones and the municipalities where these zones are located.