For many, its time to rebuild or rehab buildings following the destruction of Hurricane Sandy. Senator Jim Whelan announced he will introduce legislation to aid small businesses along the New Jersey shore in their rebuilding efforts in the aftermath of Hurricane Sandy by allowing business owners to claim a tax credit for repairs necessitated as a result of the storm.
The bill would allow Shore businesses to claim up to $100,000 in tax credits to cover uncompensated property losses associated with repairs resulting from Hurricane Sandy. Under the proposed bill, the tax credit would only cover costs not already covered by the business’s insurance providers or federal assistance programs, including FEMA. The tax credit would apply only to businesses with 20 or fewer full-time employees.