A Q-tipster has reported that our State Senator Brian Stack will introduce legislation to make Hoboken an Urban Enterprise Zone (UEZ)!
You heard right. The Senate version of the legislation would amend the original bill which authorized the creation of 33 UEZs in 1983 to include the City of Hoboken.
What does this mean for Hoboken?
Businesses in a UEZ are entitled the benefits under the UEZ program, including, but not limited to, the collection of sales and use taxes on retail sales at a tax rate of half of the tax imposed under the "Sales and Use Tax Act."
Halving the sales tax rate would be a stimulus for economic growth and economic development in The Mile Square!
Will Stack come through for Hoboken?
If he does, then big props to Mayor Bhalla, for negotiating an economic benefit to Hoboken from the tall man on the Hill.
Fingers and toes crossed.
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