State Sen. Jim Whelan, D-Atlantic, said Tuesday that he plans to introduce legislation that would allow small business owners to claim a tax credit for repairs resulting from Hurricane Sandy.
“Small businesses are the backbone of New Jersey’s economy — providing New Jersey families with good jobs, and offering goods and services that our residents depend on — but many of these businesses along the Shore are reeling after the devastation caused by Hurricane Sandy,” Whelan said in a statement.
The credit would show that the state is committed to rebuilding the shore, he said.
The bill would allow shore businesses to claim as much as $100,000 in tax credits to cover uncompensated property losses associated with repairs resulting from the storm, according to the statement. The tax credit would only cover costs not already covered by insurance providers or federal assistance programs, including FEMA, and would only apply to businesses with 20 or fewer full-time employees.
The credit would be applied to the business’ corporate business taxes or the owner’s income taxes, Whelan’s office said, and the unused amount could be carried forward but not be applied retroactively.
The bill will be formally introduced at the Senate’s next quorum call, Whelan’s office said.