New Jersey S872 repeals the $100,000 cap on sales and use tax exemption for capital improvements by businesses in Urban Enterprise Zones.
New Jersey S872 repeals the $100,000 cap on the sales and use tax exemption for capital improvements made by businesses participating in the Urban Enterprise Zone program. This bill removes the cap on tax exemption for materials, supplies, and services used for erecting new structures or substantially improving, altering, or repairing real property. The exemption applies retroactively to sales and uses on or after January 1, 2022.
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