A4787

Establishes a 10-year urban enterprise zone in Atlantic City to stimulate economic development and provide property tax relief.

The Atlantic City Urban Enterprise Zone and Property Tax Relief Act establishes an urban enterprise zone in Atlantic City for a one-time term of 10 years. This zone aims to stimulate economic development and provide property tax relief. The bill outlines specific criteria for zone designation, including population thresholds and economic distress indices. It also details the allocation of sales and use tax revenues, with 100% of the revenues collected in the first five years and 66.5% in the final five years being used for local property tax relief.