NJ Lawmaker's Proposed Bill Would Add Struggling Atlantic City To UEZ Program
By David Madden
ATLANTIC CITY (CBS) — There are a lot of ideas floating around on how to help Atlantic City avoid financial collapse. A new one involves putting part of the city into an Urban Enterprise zone or UEZ.
UEZ's are nothing new. There are 32 of them scattered across New Jersey.
Assemblyman Vince Mazzeo wants number 33 somewhere in Atlantic City to help struggling businesses by slashing the sales tax from its current 7 percent.
"It's a three and a half percent sales tax which is a good incentive for people to shop in these districts and it certainly would help Atlantic City at this juncture in time."
A good portion of that sales tax revenue would go back to the city in the form of property tax relief over a 10 year period , but there are some strings attached. Casino hotels would not be a part of any such program.
However, under Mazzeo's plan, independent businesses located inside a casino would be covered.
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