S.B. 3015, introduced on Oct. 19, would provide corporation business tax and gross income tax credits to taxpayers who make investments and create or retain jobs involved in the manufacturing of personal protective equipment in a qualified facility in New Jersey. A $10,000 credit would be available for the creation of each new full-time job created through 2022.
Under the bill, personal protective equipment includes coveralls, face shields, gloves, gowns, masks, respirators and other equipment designed to protect the wearer from the spread of infection or illness.
Taxpayers would also be eligible for $1,000 tax credits for each qualifying full-time job at a qualified facility that has been vacant for at least seven years and is at least 250,0000 square feet. The bill also establishes a $1,500 credit for each qualifying full-time job in which manufacturing the personal protective equipment is part of a research collaboration between the taxpayer and a New Jersey college or university. A $1,000 credit would be allowed for each qualifying full-time job at qualified facilities that have apprenticeship or pre-apprenticeship programs established with technical schools or community colleges in the state.
The credits will be allowed for privilege periods ending in 2020, 2021 and 2022 under the corporation business tax and taxable years 2020, 2021 and 2022 under the gross income tax, according to the bill.
The measure is sponsored by New Jersey Senate President Stephen Sweeney, D-Gloucester, and Linda R. Greenstein, D-Middlesex.
--Editing by Joyce Laskowski.
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