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New Jersey Business Retention and Relocation Tax Credit
with TurboTaxExtracted from PDF file 2023-new-jersey-form-316.pdf, last modified October 2023Business Retention and Relocation Tax Credit
FORM 316 New Jersey Corporation Business Tax Business Retention and Relocation 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 Taxpayer Qualifications 1. .Has the taxpayer entered into an agreement with the New Jersey Commerce Commission to undertake a project to relocate and retain full-time jobs within New Jersey?.............................................................. YES NO 2. Has the taxpayer received a tax credit certificate issued by the New Jersey Division of Taxation?........... YES NO Check the box to indicate a copy of the certificate has been submitted to the Division of Taxation Note: Part II If the answer to question 1 or question 2 is “NO,” do not complete the rest of this form. The taxpayer does not qualify for this tax credit. Otherwise, go to Part II. Calculation of the Available Credit 3. Enter the approved tax credit amount as reported on the tax credit certificate for the current privilege period or tax year............................................................................................................ 3. 4. Business Retention and Relocation Tax Credit carried forward from prior year............................ 4. 5. Total credit available (add lines 3 and 4)....................................................................................... 5. Part III Calculation of the Allowable Credit Amount and Carryover (Combined return filers DO NOT complete Part III. Continue with Part IV.) 6. Enter tax liability from page 1, line 2a of CBT-100 or CBT-100S.................................................. 6. 7. Enter the required minimum tax liability (see instructions)................................................................. 7. 8. Subtract line 7 from line 6.............................................................................................................. 8. 9. Other tax credits used by taxpayer on current year’s return (see instructions): (a) (b) (c) (d) ................................... Total 9. 10. Subtract line 9 from line 8.............................................................................................................. 10. 11. Allowable credit for the current tax period. Enter the lesser of line 5 or line 10 here and on Schedule A-3, Part I of the CBT-100 or CBT-100S....................................................................... 11. 12. Amount of credit carryover to following year’s return (subtract line 11 from line 5)....................... 12. Name as Shown on Return Part IV Federal ID Number Unitary ID Number, if applicable NU Calculation of Allowable Credit Amount and Carryover – Combined Return Filers ONLY Section A – ALL Combined Return Filers 13. Enter the group tax liability from Schedule A, Section II, Part III, line 4a, column (c) of CBT-100U. 13. 14. Enter the aggregate minimum tax of combined group members (see instructions).............................. 14. 15. Subtract line 14 from line 13............................................................................................................. 15. 16. Other tax credits used by combined group on current year’s return (see instructions) (a) (b) (c) (d) ................................... Total 16. 17. Subtract line 16 from line 15. If zero or less, enter zero................................................................... 17. 18. Allowable credit for the current tax period. Enter the lesser of line 5 or line 17. If sharing, also enter in the member’s column of Schedule A-3, Part I of the CBT-100U......................................... 18. If SHARING credit, complete line 19. If NOT sharing credit, skip line 19 and complete Section B. 19. Amount of credit carryover to following year’s return (subtract line 18 from line 5).......................... 19. Section B – Combined Return Filers NOT Sharing Credit 20. a) Enter combined group tax liability from line 13........................... b) Divide line 20a by the combined group allocation factor from Schedule J, line 9....................................................................... 20a. 20b. c) Member’s share of combined group tax liability – Multiply line 20b by member’s allocation factor from Schedule J, line 9...................................................................................................... 20c. 21. Required minimum tax liability.......................................................................................................... 21. 22. Subtract line 21 from line 20c........................................................................................................... 22. 23. Other tax credits used by taxpayer on current year’s return (see instructions): (a) (b) (c) (d) .................................. Total 23. 24. Subtract line 23 from line 22. If zero or less, enter zero................................................................... 24. 25. Allowable credit for the current tax period. Enter the lesser of line 18 or line 24 here and in the member’s column of Schedule A-3, Part I of the CBT-100U............................................................ 25. 26. Amount of credit carryover to following year’s return (subtract line 25 from line 5).......................... 26. 2,000 Instructions for Form 316 Business Retention and Relocation Tax Credit This form must be completed by any taxpayer claiming a Business Retention and Relocation Tax Credit on Form CBT-100, CBT-100U, or CBT-100S. A completed Form 316 must be included with the return to validate the claim. Parts III and IV are used to calculate the allowable credit and carryover. Taxpayers filing Forms CBT-100 or CBT-100S complete Part III and CBT-100U filers complete Part IV. Although there is a limitation of the amount of credit allowed in a privilege period or tax year, the amount of unused credit may be carried forward to the next tax period and expires thereafter. Combined Return Filers If filing a combined return, the form must be completed by the member that earned (purchased) the credit. All combined return filers must check the combined return filers box at the top of the form and complete Part IV, 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 IV, 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 questions 1 and 2 must be “YES.” If the answer to question 1 or 2 is “NO,” the taxpayer is not entitled to the Business Retention and Relocation Tax Credit. A copy of the tax credit certificate and a copy of the completed Form 316 must be submitted by mail to the New Jersey Division of Taxation, CBT Refunds/Tax Credits, PO Box 259, Trenton, NJ 08695-0259. Failure to submit this documentation by mail will result in the delay and/or denial of the tax credit claimed. Taxpayers that have received a grant of tax credits as a result of the project agreement must include the related tax credit certificate issued by the New Jersey Division of Taxation. Part II – Calculation of the Available Credit Follow the instructions on lines 3 through 5 to calculate the total Business Retention and Relocation Tax Credit. Part III – Calculation of the Allowable Credit Amount and Carryover (for CBT-100 and CBT-100S Filers only) For CBT-100 and CBT-100S filers, the allowable Business Retention and Relocation Tax Credit for the current period is calculated in Part III. Combined return filers do not complete Part III, and must complete Part IV instead. The amount of this credit in addition to the amount of any other tax credits taken cannot exceed an amount that would reduce the total tax liability below the statutory minimum. Line 7 – The minimum tax is assessed based on the New Jersey Gross Receipts as follows: New Jersey Gross Receipts CBT-100 CBT-100S Less than $100,000 $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 9 – 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 IV – Calculation of the Allowable Credit Amount and Carryover for Combined Return Filers For CBT-100U filers, the allowable Business Retention and Relocation Tax Credit for the current year is calculated in Part IV. 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 reduce the tax liability to an amount less than the aggregate statutory minimum tax of the group members. Line 14 – Multiply the number of taxable group members by $2,000 and enter the result. Line 16 – 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 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 23 – 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.
Form 316 Business Retention and Relocation Tax Credit
More about the New Jersey Form 316 Corporate Income Tax Tax Credit TY 2023
We last updated the Business Retention and Relocation Tax Credit in January 2024, so this is the latest version of Form 316, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 316 directly from TaxFormFinder. You can print other New Jersey tax forms here.
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TaxFormFinder has an additional 95 New Jersey income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form CBT-200-T | Corporation Business Tax Tentative Return and Application |
| Form NJ-1041 | Fiduciary Return Form |
| Form CBT-160-A | Underpayment of Estimated NJ Corporation Business Tax For Taxpayers with Gross Receipts less than $50,000,000 |
| Form DCC-1 | Document Control Center Request Form |
| Form NJ-BUS-2 | Alternative Business Calculation Adjustment |
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 316 from the Division of Revenue in January 2024.
Form 316 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 316
We have a total of thirteen past-year versions of Form 316 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form 316
Form 316 Business Retention and Relocation Tax Credit
2022 Form 316
Form 316 Business Retention and Relocation Tax Credit
2021 Form 316
Form 316 Business Retention and Relocation Tax Credit
2020 Form 316
Form 316 Business Retention and Relocation Tax Credit
2018 Form 316
Form 316 - Business Retention and Relocation Tax Credit 2018
2017 Form 316
Form 316 - Business Retention and Relocation Tax Credit
2016 Form 316
Form 316 - Business Retention and Relocation Tax Credit
2015 Form 316
Form 316 - Business Retention and Relocation Tax Credit
2014 Form 316
Form 316 - Business Retention and Relocation Tax Credit
2013 Form 316
NJ CBT Form 316
2012 Form 316
PDF Form Pack
2011 Form 316
Form 316
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