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IKEA ELIZABETH CUTS SALES TAX IN HALF

 ELIZABETH, N.J., Nov. 19 ~PRNewswire~ -- Sales tax will be cut to 3 percent at IKEA Elizabeth starting Friday, Nov. 27, it was announced today by IKEA. The reduction is the result of the Urban Enterprise Zone (U.E.Z.) legislation, recently approved by the State of New Jersey.
 Under the terms of this legislation, businesses in the zone may charge customers 3 percent sales tax. The State of New Jersey forgoes the 6 percent it usually receives. The entire 3 percent collected is now turned over to the city of Elizabeth.
 "Everyone wants to pay less taxes," commented Steen Kanter, president of IKEA U.S. East. "Now they can. And at the same time, they can help improve the city of Elizabeth."
 Lower sales tax draws more customers to the Elizabeth area. Plus, the U.E.Z. provides incentives for businesses to employ zone residents. With the additional jobs, revenues, and increased development, the city of Elizabeth can turn itself around.
 "This is a great example of what can be accomplished when government and business work together," continued Mr. Kanter.
 IKEA Elizabeth is planning a grand celebration to kick off the program. Elizabeth Mayor Thomas Dunn will open the store at 9 a.m. on Friday, Nov. 27. Customers may enter a sweepstakes for a $3,000 gift certificate, and carolers, musicians, and local radio stations will entertain the crowds throughout the weekend.
 In addition to Elizabeth, Jersey City, Kearny and Orange will become U.E.Z.s on Nov. 27. Presently, New Jersey has U.E.Z.s in Camden, Newark, Plainfield, Bridgeton, Trenton and Millville~Vineland.
 -0- 11~19~92
 ~CONTACT: Pamela Diaconis of IKEA U.S., Inc., 215-834-0180 ext. 247~


CO: IKEA U.S., Inc. ST: New Jersey IN: REA SU:

GK-TS -- NY037 -- 2801 11~19~92 10:48 EST
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Date:Nov 19, 1992
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