NJ Bill Seeks Credit For Anti-Virus Workspace Improvements

New Jersey would allow an income tax credit for the cost of improvements that slow or stop the spread of the novel coronavirus that are made to nonresidential buildings, under a bill in the state Assembly.

A.B. 5389, which Assembly Member Annette Chaparro, D-Hoboken, introduced Tuesday, would allow a tax credit equal to 75% of improvement costs if the workspace is less than 30,000 square feet, up to a maximum credit of $100,000. The bill would allow a credit equal to 50% of improvement costs for workspaces having 30,000 square feet or more, up to a maximum of $250,000.

The credit would apply to expenditures made in 2020, 2021 and 2022, according to the bill. Qualifying improvements would include infrared thermometers used for screening, sneeze guards and ventilation improvements.

If enacted, the bill would take immediate effect.

--Editing by Vincent Sherry.

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