Certain New Jersey Urban Enterprise Zones Will Expire December 31, 2016
DALLAS, Nov. 22, 2016 /PRNewswire/ -- Effective December 31, 2016 at 11:59 p.m., Urban Enterprise Zones ("UEZ") for Bridgeton, Camden, Newark, Plainfield, and Trenton will expire. Starting January 1, 2017, businesses in these zones must start collecting the full state sales tax rate of 6.875%. Other benefits that will lapse include: usage of UEZ Exemption Certificate (Form UZ-5), UEZ Corporation Business Tax Employees Credit/Investment Tax Credit Carry Forward, and sales and use tax exemption for natural gas and electricity purchased by certain manufacturers.
The UEZ Certificate of Authority (Form UZ-2) will be replaced with a general Sales Tax Certificate of Authority (Form ST-2). Such businesses must file their final UEZ Return (Form UZ-550) by January 20, 2017. Any outstanding refund claims related to UEZ-related purchases, must be filed within one year of when the tax is paid by using Form A-3730-UEZ.
For transactions occurring on or after January 1, 2017, such businesses will need to file either Form ST-51 for monthly returns or Form ST-50 for quarterly returns depending on how much such businesses collected for sales tax in 2016.
For more information please see New Jersey Notice to Qualified Businesses Located in Urban Enterprise Zones located at http://www.state.nj.us/treasury/taxation/ueznotice.shtml.
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Ryan is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the seventh largest corporate tax practice in the United States. With global headquarters in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, tax compliance, and strategic planning. Ryan is a five-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 2,100 professionals and associates serves over 12,000 clients in more than 40 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at ryan.com.
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