The Newark Urban Enterprise Zone
The City of Newark is one of thirty-five (35) municipalities participating in the New Jersey Urban Enterprise Zone Program. Since its creation, it has been a hallmark for urban revitalization and a cornerstone for economic growth and development throughout the state.
The Newark Office of the Urban Enterprise Zone (NOUEZ) was first designated in 1984 and since then, working in concert with the Municipal Council and City Administration, it has helped thousands of Newark businesses start, grow, and succeed. Thanks to the benefits and incentives available through the Urban Enterprise Zone (UEZ) Program, jobs were created for Newark residents and billions of dollars invested in the local economy. To date, the UEZ program and the participation of thousands of businesses since its inception in 1984, directly represents the creation and or maintenance of over 20,000 full and part-time jobs as a result of the financial benefits available to certified businesses. In turn, these businesses, their employees, and other local stakeholders are beneficiaries of the myriad of programs the UEZ finances as a result of the sales tax revenues being funneled back into the municipalities.
Simply put, our goal and purpose is to serve as a vehicle that helps attract, retain, and help Newark businesses grow and flourish thus creating opportunities for local residents and entrepreneurs eager to attain economic success.
Participation in the UEZ program as a certified business brings a number significant advantages.
Real Estate Development Loan Funds for large Scale Projects
Facade Improvement Grants
Business Counseling and Services
Businesses can receive 100% exemption from New Jersey Sales Tax when purchasing tangible personal property, materials and equipment and services
Sales tax reduction for customers where retailers may charge 50% of the mandated 7% New Jersey Sales Tax on certain “in person” purchases
Corporate Tax Credit of up to $1,500 per full-time employee Energy Sales Tax Exemption for Qualified Manufacturing Companies