Singleton, Cruz-Perez Introduce Legislation To Allow Small Businesses To Deduct Pandemic Related Health & Safety Purchases From Taxes
Trenton – Senators Troy Singleton and Nilsa Cruz-Perez today introduced legislation that would allow owners of small businesses, with 50 or less employees, to deduct purchases made to maintain health and safety compliance for the COVID-19 pandemic from their corporation business and gross income taxes.
“Small businesses have suffered immensely as a result of the COVID-19 pandemic. When they were able to open their doors to patrons, they had to completely redesign their spaces for safe accommodations and purchase supplies to keep their customers and their staff safe - all of which were out of pocket costs,” said Senator Singleton (D-Burlington). “The goal of this legislation is to give back to them what they had to spend to reopen during a time of such financial uncertainty, and to make running a small business in New Jersey more affordable.”
The bill, S-4254, would establish a bonus depreciation allowance under the corporation business tax and the New Jersey gross income tax for purchases made to maintain health and safety compliance during the height of the COVID-19 pandemic.
“The COVID-19 pandemic has caused many businesses, especially small businesses, to pay—out of pocket—for items to maintain social distancing protocols, such as plexiglass barriers, additional outdoor seating areas, outdoor heaters and more,” said Senator Cruz-Perez (D-Camden). “As the year comes to a close, we want to ensure that these businesses are able to get a return on the investment they had to make to serve the public.”