Local businesses would be able to charge half the normal state sales tax, and the money would go toward local property tax relief under a bill being considered by the state Legislature.
The measure would create a temporary 10-year designation of Atlantic City as an Urban Enterprise Zone.
The main benefit of the program, which has been active in New Jersey since 1983, is offering customers a 50% reduction in the state’s 6.625% sales tax on most purchases.
During the first five years of the program, all of the sales tax revenue collected would go to Atlantic City to be used for property tax relief. In the final five years, two-thirds of the money would be used for property tax relief.
