Saturday, March 22, 2014

Urban Enterprise Zone 3.5 % Sales Tax, What about Cliffside Park

One of the biggest benefits of having a 3.5 % sales tax  for the commercial areas around the The Cliffside Park Town Centre Project, also known as the "pit," would be more the saving to the shoppers who do shop, and the future shoppers looking to shop, so save 3.5% on their purchases, pumping money in the shops along Anderson Avenue and Palisade Avenue.

I don't own a car so I walk and I've noticed stores open and close as many as three times in three years, wouldn't 3.5% sales tax possible help struggling businesses.  Both Anderson and Palisade Avenues have the NJ Transit 156 and 159 bus routes, and on Anderson Avenue, there are the every 3 minute jitney buses some as many as five at a time drive by every 3 minutes, so there's no shortage of ways to travel to Cliffside Park to shop in a Urban Enterprise Zone offering 3.5% savings on the sales tax.

What are some of the benefits to businesses:

1. Reduced Sales Tax, currently 3.5%
2. Tax Free purchases on certain items such as Capital Equipment, Facility Expansion upgrades and
     personal property.
3.  Financial Assistance from agencies such as NJEDA
4.  Subsidized unemployment insurance costs for employees earnings less than $4500/quarter.
5.  Energy Sales Tax Exemption for qualified manufacturing firms with at least 250 full-time employees.
6.  Tax Credit Options up to $1,500 for new permanent full time employees hired OR up to 8%
     Corporate business Tax Credits on qualified investments.

So the question remains, couldn't Cliffside Park, with it's "pit", smack in the middle of town benefit from have a 3.5% sales tax?

Related Links:

State of New Jersey Urban Enterprise Zone TAX Questions and Answers

NJ Businesses in Urban Zones Get a Tax Break

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