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New Jersey Free Printable Form - 308 - Small NJ-Based High-Technology Business Investment Tax Credit and Instructions for 2024 New Jersey Small NJ-Based High-Technology Business Investment Tax Credit and Instructions (OBSOLETE)

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Small NJ-Based High-Technology Business Investment Tax Credit and Instructions (OBSOLETE)
Form - 308 - Small NJ-Based High-Technology Business Investment Tax Credit and Instructions

FORM 308 2018 (07-18, R-13) Name as Shown on Return NEW JERSEY CORPORATION BUSINESS TAX SMALL NEW JERSEY-BASED HIGH-TECHNOLOGY BUSINESS INVESTMENT TAX CREDIT Federal ID Number NJ Corporation Number READ THE INSTRUCTIONS BEFORE COMPLETING THIS FORM NOTE: The legislation governing this tax credit expired for privilege periods beginning on and after July 1, 2001. Also, a research and development tax credit shall not be allowed for expenses paid from funds for which a small New Jersey-Based High-Technology Tax Credit is allowed, or which are includable in the calculation of the allowed amount of this tax credit. PART I CREDIT CALCULATION FOR QUALIFIED INVESTMENTS INVESTMENT (A) 1. Enter amount of each investment made during current year . . . . . . . . . . . . . . . . . . . . . . . . . . . . INVESTMENT (B) INVESTMENT (C) 2. Enter 10% (.10) of line 1. . . . . . . . . . . . . . . . . . 3. Enter the lesser of line 2 or $500,000 . . . . . . . 4. Amount available for credit this tax year (enter total of line 3 columns A, B, and C) . . . . . . . . . . . . . . . 4. 6. Total tax credit available (add lines 4 and 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. 5. Small New Jersey-Based High-Technology Tax Credit carried forward from the prior tax year . . . . . . PART II CALCULATION OF THE ALLOWABLE CREDIT AMOUNT 5. 7. Enter tax liability from page 1, line 9 of Form CBT-100 or BFC-1, or line 4 of Form CBT-100S . . . . . . 7. 9. Subtract line 8 from line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9. 8. Enter the required minimum tax liability as indicated in instruction (b) for Part II . . . . . . . . . . . . . . . . . 8. 10. Enter 50% (.50) of the tax liability reported on line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10. 11. Enter the lesser of line 9 or line 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11. 12. Tax credits taken on current year’s return, if applicable: a) ________________________ ________________________ c) ________________________ ________________________ b) ________________________ d) ________________________ ________________________ ________________________ Total 13. Subtract line 12 from line 11. If the result is less than zero, enter zero . . . . . . . . . . . . . . . . . . . . . . 12. 13. 14. Allowable credit for the current tax period. Enter the lesser of line 6 or line 13 here and on Schedule A-3 of the CBT-100, the CBT-100S or the BFC-1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14. PART III SMALL NEW JERSEY-BASED HIGH-TECHNOLOGY BUSINESS INVESTMENT TAX CREDIT CARRYOVER 15. Enter amount from line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15. 16. Enter amount from line 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16. 17. Amount of tax credit carryover (line 15 minus line 16) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17. Form 308-A (07-18, R-13) Instructions for Form 308 Small New Jersey-Based High-Technology Business Investment Tax Credit NOTE: The legislation governing this tax credit expired for privilege periods beginning on and after July 1, 2001. The purpose of the Small New Jersey-Based High-Technology Business Investment Tax Credit Act is to encourage corporate taxpayers to invest in small New Jersey-based high-technology businesses thereby providing them with the needed funds for research and development and pilot scale manufacturing required to develop marketable products and services. If the taxpayer claims this credit on Form CBT-100, Form CBT-100S or Form BFC-1, a completed form 308 must be attached to the return to validate the claim. A taxpayer shall be allowed a credit against the tax imposed pursuant to Section 5 of P.L. 1945, C. 162 (C. 54:10A-5) in an amount equal to 10% of the qualified investment made by the taxpayer during each of the three years beginning on or after January 1, 1999, in a small New Jersey-based high-technology business, up to a maximum allowed credit of $500,000 for the tax year for each qualified investment made by the taxpayer. A small New Jersey-based high-technology business means a corporation doing business, employing or owning capital or property, or maintaining an office, in this State that has qualified research expenses paid or incurred for research conducted in this State or conducts pilot scale manufacturing in this State, and has fewer than 225 employees, of whom 75% are New Jersey-based employees filling a position or job in this State. The credit allowable for any given tax year may not to exceed an amount which would reduce the total tax liability below the statutory minimum. A research and development tax credit shall not be allowed for expenses paid from funds for which a small New Jersey-based high-technology tax credit is allowed, or which are includable in the calculation of the allowed amount of this tax credit. Any unused credit may be carried over for fifteen years following a credit’s tax year. However, a taxpayer may not carry over any amount of unused credit to a tax year during which a corporate acquisition, with respect to which a taxpayer was a target corporation, occurred or during which the taxpayer was a party to a merger or a consolidation. DEFINITIONS Advanced computing means a technology used in the designing and developing of computing hardware and software, including innovations in designing the full spectrum of hardware from hand-held calculators to super computers, and peripheral equipment. Advanced materials means materials with engineered properties created through the development of specialized processing and synthesis technology, including ceramics, high value-added metals, electronic materials, composites, polymers, and biomaterials. Biotechnology means the continually expanding body of fundamental knowledge about the functioning of biological systems from the macro level to the molecular and subatomic levels, as well as novel products, services, technologies and subtechnologies developed as a result of insights gained from research advances which add to that body of fundamental knowledge. Electronic device technology means a technology involving microelectronics, semiconductors, electronic equipment, and instrumentation, radio frequency, microwave, and millimeter electronics, and optical and optic-electrical devices, or data and digital communications and imaging devices. Environmental technology means assessment and prevention of threats or damage to human health or the environment, environmental cleanup, or the development of alternative energy sources. Medical devices technology means a technology involving any medical equipment or product (other than a pharmaceutical product). Pilot scale manufacturing means design, construction, and testing of preproduction prototypes and models in the fields of advanced computing, advanced materials, biotechnology, electronic device technology, environmental technology, and medical device technology, other than for commercial sale, excluding sales of prototypes or sales for market testing if total gross receipts, as calculated pursuant to section 6 of P.L. 1945, C. 162 (C. 54:10A-6), from such sales of the product, service or process do not exceed $1,000,000. Small New Jersey-based high-technology business means a corporation doing business, employing or owning capital or property, or maintaining an office, in this State that has qualified research expenses paid or incurred for research conducted in this State or conducts pilot scale manufacturing in this State, and has fewer than 225 employees, of whom 75% are New Jerseybased employees filling a position or job in this State. Qualified investment means the non-refundable investment, at risk in a small New Jersey-based high-technology business, of cash that is transferred to the small New Jersey-based hightechnology business by a taxpayer that is not a related person of the small New Jersey-based high-technology business, the transfer of which is in connection with a transaction in exchange for stock, interests in partnerships or joint ventures, licenses (exclusive or non-exclusive), rights to use technology, marketing rights, warrants, options or any items similar to those listed in these definitions, including but not limited to options or rights to acquire any of the items listed in these definitions. Qualified research expenses means qualified research expenses as defined in section 41 of the Federal Internal Revenue Code of 1986, 26 U.S.C. §41, as in effect on June 30, 1992, in the fields of advanced computing, advanced materials, biotechnology, electronic device technology, environmental technology, or medical device technology. PART I SPECIFIC INSTRUCTIONS FOR FORM 308 CREDIT CALCULATION FOR QUALIFIED INVESTMENTS The tax credit is computed in this section and is based on an amount equal to 10% of the qualified investment made by the taxpayer during the current tax period in a small New Jerseybased high-technology business up to a maximum allowed credit of $500,000 for the tax year for each qualified investment made by the taxpayer. The total credit available is reported on line 6. PART II CALCULATION OF THE ALLOWABLE CREDIT AMOUNT a) b) PART III SMALL NEW JERSEY-BASED HIGH-TECHNOLOGY BUSINESS INVESTMENT TAX CREDIT CARRYOVER Unused tax credits may be carried forward for fifteen years following a credit’s tax year. However, a taxpayer may not carry over any amount of unused credit to a tax year during which a corporate acquisition, with respect to which a taxpayer was a target corporation, occurred or during which the taxpayer was a party to a merger or a consolidation. The amount of the carryover is calculated in Part III. The allowable Small New Jersey-Based High-Technology Business Investment Tax Credit for the current period is calculated in Part II. The amount of this credit is limited to 50% of the taxpayer’s total tax liability and cannot reduce the total tax liability below the statuatory minimum. Taxpayers claiming multiple credits must list any credits already applied to the tax liabilty to ensure accuracy of the calculation for maximum credit allowable. The minimum tax is assessed based on the New Jersey Gross Receipts as follows: New Jersey Gross Receipts Less than $100,000 $100,000 or more but less than $250,000 $250,000 or more but less than $500,000 $500,000 or more but less than $1,000,000 $1,000,000 or more CBT-100 CBT-100S $500.00 $375.00 $750.00 $562.00 $1,000.00 $750.00 $1,500.00 $1,125.00 $2,000.00 $1,500.00 provided however that for a taxpayer that is a member of an affiliated or controlled group which has a total payroll of $5,000,000 or more for the return period, the minimum tax shall be $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. Form 308-A (07-18, R-13) Page 2
Extracted from PDF file 2019-new-jersey-form-308.pdf, last modified July 2017

More about the New Jersey Form 308 Corporate Income Tax Tax Credit

We last updated the Small NJ-Based High-Technology Business Investment Tax Credit and Instructions (OBSOLETE) in March 2021, and the latest form we have available is for tax year 2019. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the New Jersey Division of Revenue. You can print other New Jersey tax forms here.


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Other 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.

Form Code Form Name
Form CBT-160-A Underpayment of Estimated NJ Corporation Business Tax For Taxpayers with Gross Receipts less than $50,000,000
Form CBT-200-T Corporation Business Tax Tentative Return and Application
Form DCC-1 Document Control Center Request Form
Form NJ-1041 Fiduciary Return Form
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 308 from the Division of Revenue in March 2021.

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Form 308 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 308

We have a total of nine past-year versions of Form 308 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Form 308

Form - 308 - Small NJ-Based High-Technology Business Investment Tax Credit and Instructions

2018 Form 308

Form - 308 - Small NJ-Based High-Technology Business Investment Tax Credit and Instructions

2017 Form 308

Form - 308 - Small NJ-Based High-Technology Business Investment Tax Credit and Instructions

2016 Form 308

Form - 308 - Small NJ-Based High-Technology Business Investment Tax Credit and Instructions

Form - 308 - Small NJ-Based High-Technology Business Investment Tax Credit and Instructions 2015 Form 308

Form - 308 - Small NJ-Based High-Technology Business Investment Tax Credit and Instructions

Form - 308 - Small NJ-Based High-Technology Business Investment Tax Credit and Instructions 2014 Form 308

Form - 308 - Small NJ-Based High-Technology Business Investment Tax Credit and Instructions

CBT Form 308 - SMALL NEW JERSEY-BASED HIGH-TECHNOLOGY BUSINESS INVESTMENT TAX CREDIT 2013 Form 308

CBT Form 308 (2012)

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