S.B. 3305, which Sens. Bob Smith, D-Piscataway, and Steven Oroho, R-Sparta, introduced Thursday, would allow taxpayers with a work area of less than 30,000 square feet to claim a credit for 75% of their improvement expenditures up to $100,000. For work areas of more than 30,000 square feet, taxpayers could claim a credit for 50% of their expenditures up to $250,000.
The credit could be claimed for the 2020, 2021 and 2022 tax years. The bill would take immediate effect if enacted.
--Editing by Neil Cohen.
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