NJ Sen. Panel OKs Credit For Virus Building Upgrades

A New Jersey bill that would create a gross income tax credit for certain improvements to nonresidential buildings to address the novel coronavirus pandemic was approved by a state Senate committee.

S.B. 3305 passed the Senate Budget and Appropriations Committee on Thursday by a unanimous 12-0 vote, according to a statement from the Senate Democrats. The bill would create a credit for a taxpayer's expenditures on improvements to nonresidential buildings aimed at reducing the spread of the virus. The credit would be calculated as a percentage of those expenditures.

If approved, the bill's provisions would apply to expenditures made after March 9, 2020, and before Jan. 1, 2023.

For expenditures for a workspace smaller than 30,000 square feet, the credit would be 75% of expenditures and would be capped at $100,000 per location. For expenditures of a space of 30,000 square feet or larger, the credit would be 50% of expenditures and would be capped at $250,000.

The bill was introduced by Sen. Bob Smith, D-Piscataway, and Steve Oroho, R-Franklin.

--Editing by Neil Cohen.

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