Repeals $100,000 cap on sales and use tax exemption for certain capital improvements made by businesses participating in Urban Enterprise Zone program.

S 1350 repeals a $100,000 annual spending cap on sales and use tax exemptions for businesses participating in New Jersey's Urban Enterprise Zone (UEZ) program. This bill directly affects certified UEZ businesses that make qualifying capital improvements to their property, such as building construction, major repairs, or renovations. The key provision removes the previous limit, allowing these businesses to claim full tax exemptions for all eligible improvements - regardless of cost - starting January 1, 2022. The change applies retroactively, meaning businesses can now claim exemptions for qualifying projects completed since 2022 without the prior $100,000 restriction.