In an effort to provide relief to businesses that made structural improvements to reduce the spread of COVID-19, the Senate today advanced legislation, sponsored by Senator Steve Oroho and Senator Bob Smith, which would establish a gross income tax credit for certain improvements made on nonresidential buildings during the tax years of 2020, 2021 and 2022.
To provide relief to businesses that made structural improvements to reduce the spread of COVID-19, the Senate advanced legislation, sponsored by Sen. Steve Oroho and Sen. Bob Smith, which would establish a gross income tax credit for certain improvements made on nonresidential buildings. (Pixabay)
“Owners are not likely to commit to these beneficial projects without some encouragement,” said Senator Oroho (R-Morris/Sussex/Warren). “The temporary credits in this bill will make it more appealing to do the right thing to keep people safe during the pandemic.”
“In order to adapt and respond to the dangers of COVID-19, businesses took on extra costs and expenses they were not prepared for. The expenditures they have incurred throughout the pandemic to increase safety in their buildings and offices for their employees and clients, have weighed on them as they have struggled to stay afloat,” said Senator Smith (D-Middlesex/Somerset). “This bill will provide tax relief to those businesses that made improvements to their facilities to decrease the spread of COVID-19.”
Under the bill, S-3305, the tax credit would cover expenditures aimed at improving the safety of nonresidential buildings. Those expenditures would include improvements to ventilation, ultraviolet lighting, infrared thermometers, transparent sneeze guards or shields, touchless entryway and security, and any equipment meant to create a safer work environment for employees.
Related Facebook Post: