EXCLUSIVE TO YESHIVA WORLD: YWN has just learned that the Lakewood UEZ (Urban Enterprise Zone) has just pledged to sponsor 80% towards the purchase of a brand-new Lakewood Hatzolah Ambulance. The amount pledged totals a whopping $103,000.

The new ambulance will replace a 14-year-old ambulance currently part of the 6 ambulance fleet belonging to Hatzolah. A fundraising campaign to raise the additional 20% required for the purchase of the ambulance will be launched in the very near future. [Anyone interested in being a part of this Mitzvah, should contact Lakewood Hatzolah.]

The Township of Lakewood is designated by the state of New Jersey as an UEZ.

About Urban Enterprise Zone (UEZ)

New Jersey’s Urban Enterprise Zones (UEZ) Program was enacted in 1983. The UEZ Program was created to foster an economic climate that revitalizes designated urban communities and stimulates their growth by encouraging businesses to develop and create private sector jobs through public and private investment.

The UEZ Program offers participating businesses many incentives that encourage business growth and stimulate local economies.

Administered by the New Jersey Economic Development Authority, the UEZ Program supports nearly 150,000 full-time jobs and has attracted more than $24 billion in private investment.

There are almost 7,000 businesses of all sizes and types participating and benefiting from the advantages of the UEZ Program. These include a number of tax and other financial incentives. Since the program’s inception, over 26,000 businesses have enjoyed UEZ Program benefits.

Under the program, sales tax revenues generated by UEZ businesses are dedicated for use within the zones for economic development projects. To date, over 2,248 such projects have been approved at a value of over $763 million.

Businesses participating in the UEZ Program can charge half the standard sales tax rate on certain purchases. In addition, UEZ businesses may enjoy tax exemptions on certain purchases and manufacturers may qualify for sales tax exemption on their energy and utility consumption when they meet specified employment and other criteria.

For each new permanent full-time employee hired, businesses may receive a one-time $1,500 tax credit.

Employers may also benefit from subsidized unemployment insurance costs for certain employees who earn less than $4,500 per quarter.

The UEZ Program allows a tax credit against the Corporate Business Tax up to eight percent of qualified investments within the zone. Also, businesses may be eligible for priority financial assistance. UEZ manufacturers with at least 250 employees, over 50% of who are involved in a manufacturing process, may apply for sales tax exemption on energy and utility services (natural gas and electricity).

From the initial 10 UEZ’s that were designated in 1984, the program has grown to 32 zones in 37 municipalities throughout the state. Businesses are encouraged to join the UEZ Program.

(Yehuda Drudgestein – YWN)