S.4175

New Jersey S4175 provides a sales and use tax exemption for certain purchases by large common interest communities in urban enterprise zones.

New Jersey S4175 amends the sales and use tax law to exempt receipts from the first $300,000 of annual retail sales for large common interest communities in urban enterprise zones. This exemption applies to materials, supplies, and services used for erecting structures, maintaining, improving, altering, or repairing the real property of these communities. A "large common interest community" is defined as a horizontal property regime, condominium, homeowner association, cooperative, or mutual housing corporation with at least 1,000 units, where common elements are owned or controlled by the.