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New Jersey Free Printable Form 312 Effluent Equipment Tax Credit for 2024 New Jersey Effluent Equipment Tax Credit and Instructions

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Effluent Equipment Tax Credit and Instructions
Form 312 Effluent Equipment Tax Credit

FORM 312 New Jersey Corporation Business Tax Effluent Equipment Tax Credit 2023 Name as Shown on Return Federal ID Number Unitary ID Number, if applicable NU Read the instructions before completing this form Combined Return Filers The taxpayer is included as a taxable member on a New Jersey combined return. See instructions. Fill in oval if member is not sharing its credit with other members of the group. Part I Qualifications 1. Did the taxpayer purchase the effluent treatment equipment or conveyance equipment in a tax period beginning on or after July 1, 2002?............................................................................................................ YES NO 2. Has the taxpayer applied for or received a determination of environmentally beneficial operation from the Commissioner of the Department of Environmental Protection with respect to the equipment for which the credit is sought?......................................................................................................................... YES NO 3. Is the equipment used exclusively in New Jersey?.................................................................................... YES NO Note: Part II If the answer to any of the above questions is “NO,” do not complete the rest of this form. The taxpayer does not qualify for this tax credit. Otherwise, go to Part II. Effluent Treatment and Conveyance Equipment (A) DESCRIPTION (B) MONTH & YEAR PLACED IN SERVICE (C) COST (D) LOAN AMOUNT FROM DEPT OF ENVIRONMENTAL PROTECTION PLUS SALES & USE TAX PAID (E) COLUMN (C) MINUS COLUMN (D) (F) 50% OF COLUMN (E) (G) # OF MONTHS USED IN N.J. (H) COLUMN (F) X COLUMN (G) DIVIDED BY 12 a) b) c) d) e) Total Part III Calculation of Available Credit 4. Enter the total of column (H), Part II................................................................................................... 4. 5. Enter the total of column (I), Part II..................................................................................................... 5. 6. Subtract line 5 from line 4................................................................................................................... 6. 7. Enter 20% of line 4............................................................................................................................. 7. 8. Total credit available. Enter the lesser of line 6 or line 7.................................................................... 8. Part IV Calculation of Allowable Credit Amount (Combined return filers DO NOT complete Part IV. Continue with Part V.) 9. Enter tax liability from page 1, line 2a of CBT-100 or CBT-100S........................................................ 9. 10. Enter the required minimum tax liability (see instructions)...................................................................... 10. 11. Subtract line 10 from line 9................................................................................................................. 11. 12. Enter 50% of the tax liability reported on line 9.................................................................................. 12. 13. Enter the lesser of line 11 or line 12................................................................................................... 13. 14. Other tax credits used by taxpayer on current year’s return (see instructions): (a) (b) (c) (d) .........................................Total 14. 15. Subtract line 14 from line 13. If zero or less, enter zero.................................................................... 15. 16. Allowable credit for the current tax period. Enter the lesser of line 8 or line 15 here and on Schedule A-3, Part I of the CBT-100 or CBT-100S............................................................................ 16. (I) CREDIT USED/ SHARED IN PRIOR YEARS Name as Shown on Return Part V Federal ID Number Unitary ID Number, if applicable NU Calculation of Allowable Credit Amount – Combined Return Filers ONLY 17. Enter the group tax liability from Schedule A, Section II, Part III, line 4a, column (c) of CBT-100U.... 17. 18. Enter the aggregate minimum tax of combined group members (see instructions)................................. 18. 19. Subtract line 18 from line 17................................................................................................................ 19. 20. Enter 50% of the tax liability reported on line 17................................................................................. 20. 21. Enter the lesser of line 19 or line 20.................................................................................................... 21. 22. Other tax credits used by combined group on current year’s return (see instructions): (a) (b) (c) (d) .......................................Total 22. 23. Subtract line 22 from line 21. If zero or less, enter zero...................................................................... 23. 24. Allowable credit for the current tax period. Enter the lesser of line 8 or line 23. If sharing, also enter in the member’s column of Schedule A-3, Part I of the CBT-100U............................................ 24. If NOT sharing credit, complete Section B. Section B – Combined Return Filers NOT Sharing Credit 25. a) Enter combined group tax liability from line 17.......................... 25a. b) Divide line 25a by the combined group allocation factor from Schedule J, line 9...................................................................... 25b. c) Member’s share of combined group tax liability – Multiply line 25b by member’s allocation factor from Schedule J, line 9................................................................................................................... 25c. 26. Required minimum tax liability............................................................................................................. 26. 27. Subtract line 26 from line 25c.............................................................................................................. 27. 28. Enter 50% of the tax liability reported on line 25c............................................................................... 28. 29. Enter the lesser of line 27 or line 28.................................................................................................... 29. 30. Other tax credits used by taxpayer on current year’s return (see instructions): (a) (b) (c) (d) ........................................ Total 30. 31. Subtract line 30 from line 29. If zero or less, enter zero...................................................................... 31. 32. Allowable credit for the current tax period. Enter the lesser of line 24 or line 31 here and in the member’s column of Schedule A-3, Part I of the CBT-100U............................................................... 32. 2,000 Instructions for Form 312 Effluent Equipment Tax Credit This form must be completed by any taxpayer claiming an Effluent Equipment Tax Credit on CBT-100, CBT-100U, or CBT-100S in accordance with N.J.S.A. 54:10A-5.31, P.L. 2001, c.32, Section 1. A completed Form 312 must be included with the return to validate the claim. Unused tax credits may be claimed in subsequent tax years subject to the limitations set forth on this form. Parts IV and V are used to calculate the allowable credit and carryover. Taxpayers filing Forms CBT-100 or CBT-100S complete Part IV and CBT-100U filers complete Part V. Combined Return Filers If filing a combined return, the form must be completed by the member that earned the credit. All combined return filers must check the combined return filers box at the top of the form and complete Part V, Section A. Members Opting Not to Share. In general, tax credits are earned by a member of the combined group and are shareable with the combined group. However, members are not required to share their credits. See N.J.S.A. 54:10A-4.6.i and TB-90(R), Tax Credits and Combined Returns. In addition to Section A, members that choose not to share must also complete Part V, Section B and fill in the oval at the top of the form to indicate they are not sharing the credit. Taxpayers must include the appropriate credit form in the year the credit was earned even if they are not claiming the credit on their tax return. Part I – Qualifications To be eligible for the tax credit, the answer to all questions in Part I must be “YES.” If the answer to any of the questions is “NO,” the taxpayer is not entitled to the Effluent Equipment Tax Credit. Taxpayers that have received the determination of environmentally beneficial operation from the Commissioner of the Department of Environmental Protection must include a copy of each determination along with Form 312 with the tax return. Also, taxpayers must include an affidavit stating that the treatment equipment or conveyance equipment is or will be used exclusively in New Jersey. Note: No amount of cost included in the calculation of this tax credit shall be included in the costs for calculation of any other credit against the tax imposed pursuant to section 5 of P.L. 1945, c.162 (N.J.S.A. 54:10A-5). Part II – Effluent Treatment and Conveyance Equipment Complete the information requested in each of the columns (A) through (I) for each piece of equipment. If additional space is needed, include a rider in like format containing the information required in columns (A) through (I). The cost amount to be reported in column (C) is the invoice cost of the equipment. Column (D) must reflect the total of the amount of any loan from the Department of Environmental Protection made pursuant to section 5 of P.L. 1981, c. 278 as amended (N.J.S.A. 13:1E-96) plus the amount of any Sales and Use Tax paid pursuant to P.L. 1966, c.30 as amended (N.J.S.A. 54:32B-1 et seq.). Enter in column (G) the number of months that the equipment was used in New Jersey during the period covered by the return. The prorated credit amount, reported in column (H), is computed by multiplying column (F) by column (G) and dividing the result by 12. Enter the totals of the amounts reported in columns (H) and (I) in the space provided. Combined return filers, include in column (I) any amounts shared with other members in prior years. Part III – Calculation of Available Credit Follow the instructions on lines 4 through 8 to calculate the total Effluent Equipment Tax Credit. Part IV – Calculation of Allowable Credit Amount (for CBT-100 and CBT-100S Filers only) For CBT-100 and CBT-100S filers, the allowable Effluent Equipment Tax Credit for the current year is calculated in Part IV. Combined return filers do not complete Part IV, and must complete Part V instead. The amount of this credit in addition to the amount of any other tax credits taken is limited to 50% of the taxpayer’s total tax liability and cannot exceed an amount that would reduce the total tax liability below the statutory minimum. Line 10 – The minimum tax is assessed based on the New Jersey Gross Receipts as follows: New Jersey Gross Receipts Less than $100,000 CBT-100 CBT-100S $500 $375 $100,000 or more but less than $250,000 $750 $562 $250,000 or more but less than $500,000 $1,000 $750 $500,000 or more but less than $1,000,000 $1,500 $1,125 $1,000,000 or more $2,000 $1,500 If a taxpayer is filing a separate return and is a member of an affiliated or controlled group that has a total payroll of $5,000,000 or more for the return period, the minimum tax is $2,000. Tax periods of less than 12 months are subject to the higher minimum tax if the prorated total payroll exceeds $416,667 per month. Line 14 – Taxpayers claiming multiple credits must list any credits already applied to the tax liability to ensure accuracy of the calculation for maximum credit allowable. Part V – Calculation of Allowable Credit Amount for Combined Return Filers For CBT-100U filers, the total and allowable Effluent Equipment Tax Credit for the current year is calculated in Part V. All combined return filers must complete Section A. Members that choose not to share their credit must also complete Section B. Section A – To be completed by ALL combined return filers This section calculates the amount of credit allowable for the group. If a member chooses not to share their credit with the group, Section A must still be completed to ensure the credit allowed for the member does not exceed the amount that would otherwise be allowed against the group tax liability. The amount of the credit calculated in this section cannot exceed 50% of the group tax liability otherwise due and cannot reduce the tax liability to an amount less than the aggregate statutory minimum tax of the group members. Line 18 – Multiply the number of taxable group members by $2,000 and enter the result. Line 22 – Combined groups claiming multiple credits must list any credits already applied to the group tax liability to ensure accuracy of the calculation for maximum credit allowable. Section B This section is used to calculate the amount of credit allowable for members that choose not to share their credit with the group. Section B is completed based on the member’s share of the group tax liability. The amount of the credit calculated in this section cannot exceed 50% of the member’s tax liability otherwise due and cannot reduce the tax liability to an amount less than $2,000. The amount of the credit is also limited to the amount that would otherwise be allowed against the group tax liability if the member had been sharing the credit. Line 30 – Members claiming multiple credits must list any credits already applied to the member’s tax liability to ensure accuracy of the calculation for maximum credit allowable.
Extracted from PDF file 2023-new-jersey-form-312.pdf, last modified October 2023

More about the New Jersey Form 312 Corporate Income Tax Tax Credit TY 2023

We last updated the Effluent Equipment Tax Credit and Instructions in January 2024, so this is the latest version of Form 312, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 312 directly from TaxFormFinder. You can print other New Jersey tax forms here.


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Related New Jersey Corporate Income Tax Forms:

TaxFormFinder has an additional 95 New Jersey income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the New Jersey Form 312.

Form Code Form Name
Form A-3128 Claim for Refund of Estimated Gross Income Tax Payment.

Download all NJ tax forms View all 96 New Jersey Income Tax Forms


Form Sources:

New Jersey usually releases forms for the current tax year between January and April. We last updated New Jersey Form 312 from the Division of Revenue in January 2024.

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Form 312 is a New Jersey Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of New Jersey Form 312

We have a total of thirteen past-year versions of Form 312 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Form 312

Form 312 Effluent Equipment Tax Credit

2022 Form 312

Form 312 Effluent Equipment Tax Credit

2021 Form 312

2021 Effluent Equipment Tax Credit

2020 Form 312

Form 312 Effluent Equipment Tax Credit

2018 Form 312

Form 312 - Effluent Equipment Tax Credit and Instructions

2017 Form 312

Form 312 - Effluent Equipment Tax Credit and Instructions

2016 Form 312

Form 312 - Effluent Equipment Tax Credit and Instructions

Form 312 - Effluent Equipment Tax Credit and Instructions 2015 Form 312

Form 312 - Effluent Equipment Tax Credit and Instructions

Form 312 - Effluent Equipment Tax Credit and Instructions 2014 Form 312

Form 312 - Effluent Equipment Tax Credit and Instructions

NJ CBT Form 312 - Effluent Equipment Tax Credit 2013 Form 312

NJ CBT Form 312

NJ CBT Form 312 - EFFLUENT EQUIPMENT TAX CREDIT 2012 Form 312

NJ CBT Form 312


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