STATEMENT TO

[First Reprint]

ASSEMBLY, No. 4534

with Senate Floor Amendments

(Proposed by Senator VITALE)

ADOPTED: JUNE 28, 2024

      The floor amendments provide that, for purposes of the UEZ program, an “improvement of transportation infrastructure” is required to be located within an urban enterprise zone in order to be considered a “qualifying assistance fund expense.” 

      The amendments also require that a municipality’s zone development plan certified by the UEZ Authority explicitly detail that no more than 75 percent of zone assistance funds be used to pay debt service related to the financing of the cost of a transportation infrastructure project or pledged toward the repayment of a loan for the cost of a transportation infrastructure project in order to dedicate zone assistance funds toward those purposes.