New Jersey § 54:4-1

§ 54:4-1.

The Legislature finds and declares that since 1979 New Jersey has lost a major share

of its manufacturing jobs and manufacturing plants and this trend has persisted throughout

periods of economic recovery and periods of recession. The Legislature also finds that New Jersey's manufacturing sector, notwithstanding

the recent losses, continues to be an important source of relatively high-paying employment

for a large portion of the work force and an essential foundation for the rest of

the economy, serving as a larger multiplier of jobs in the economy than any other

sector. The Legislature further finds that in order to retain manufacturing jobs it is in

the interest of the business community, municipalities and the State of New Jersey

to maintain a policy regarding the taxation of business personal property which is

historically consistent, equitable and competitive with neighboring states and which

creates and maintains reasonable incentives for manufacturing interests to exist and

thrive in New Jersey. The Legislature, therefore, declares that it is the policy of the State, through

this act, to refine the definitions of real property and personal property in order

to reaffirm the broad exclusion from local property taxes of business personal property

used or held for use in business.