NJ Bill Seeks Credit For Building Changes To Slow Virus

New Jersey would allow taxpayers to claim an income tax credit for improvements made to slow the spread of the novel coronavirus in nonresidential buildings under a bill introduced in the state Senate.

S.B. 3305, which Sens. Bob Smith, D-Piscataway, and Steven Oroho, R-Sparta, introduced Thursday, would allow taxpayers with a work area of less than 30,000 square feet to claim a credit for 75% of their improvement expenditures up to $100,000. For work areas of more than 30,000 square feet, taxpayers could claim a credit for 50% of their expenditures up to $250,000.

The credit could be claimed for the 2020, 2021 and 2022 tax years. The bill would take immediate effect if enacted.

--Editing by Neil Cohen.

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