|
Neighborhood Guides > North Bergen > Commerce
Commerce
North Bergen is in a state-established "Urban Enterprise Zone," which was implemented through a program designed to assist businesses in communities across New Jersey. Businesses within the zone apply for a variety of incentives, including a sales tax reduction to customers of 3½% from the mandated 7% statewide sales tax, with no tax on clothing or on purchases made by merchants related to running their businesses. Revenue generated from the reduced sales tax is maintained in a special fund dedicated for use within the zone for specific economic development and physical improvement projects. The zone was established in February 1995 through the efforts of Senator Sacco. He was a sponsor of the state's Urban Enterprise Zone legislation, which has helped produce substantial private business investment in urban centers and generates millions of dollars in revenue for North Bergen and other cities.
|
