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Assembly Commerce and Economic Development Committee Statement to Assembly, No. 5218 (March 8, 2021)

Summary

Statement to Assembly No. 5218 with committee amendments, State of New Jersey, dated March 8, 2021, in which the Assembly Commerce and Economic Development Committee reports Assembly Bill No. 5218 favorably. As amended, the bill would allow the owner of a small restaurant or of an alcoholic beverage manufacturer to use a bonus depreciation allowance of up to $150,000 for capital expenditures made within New Jersey to comply with the health and safety requirements of the Governor's executive orders on the COVID-19 pandemic. A restaurant owner is eligible if the restaurant has no more than 100 employees and is not a chain restaurant. The statement says New Jersey decoupled from the federal bonus depreciation rules in 2002 and that the bill re-couples for these owners.

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“Assembly Commerce and Economic Development Committee Statement to Assembly, No. 5218 (March 8, 2021).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-03-08-ace-a5218-s1-4a20493d94/, SHA-256 ebdf8eb74f919f54b7c4c4916f4f4be05340a8bdfff4f025eca62036991b6b5e.

Full text

ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT
                COMMITTEE

                         STATEMENT TO

                     ASSEMBLY, No. 5218
                        with committee amendments



       STATE OF NEW JERSEY
                           DATED: MARCH 8, 2021

          The Assembly Commerce and Economic Development Committee
      reports favorably and with committee amendments Assembly Bill No.
      5218.
         This bill, as amended, would allow the owner of a small
      restaurant or of an alcoholic beverage manufacturer to use a bonus
      depreciation allowance of up to $150,000 for capital expenditures
      incurred within New Jersey to comply with the health and safety
      requirements of the Governor’s executive orders regarding the
      COVID-19 pandemic. These capital expenditures would include
      but are not limited to the purchase of heaters and overhangs. This
      benefit would be available to a restaurant owner if the restaurant
      has no more than 100 employees, and if the restaurant is not a chain
      restaurant.
          Bonus depreciation allows a business to immediately deduct a
      large percentage of the purchase price of certain property. New
      Jersey decoupled from the federal rules regarding bonus
      depreciation in 2002. This bill re-couples to the federal rules for
      small business restaurant owners on up to $150,000 of expenditures
      incurred to comply with the Governor’s COVID-19 executive
      orders.

      COMMITTEE AMENDMENTS:
         Amendments to the bill extend eligibility for the additional
      depreciation allowance to owners of alcoholic beverage manufacturers.

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