Form 300 - Urban Enterprise Zone Employees Tax Credit And Credit Carry Forward - 2016 Page 2

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Form 300 (07-16, R-15)

Page 2

INSTRUCTIONS

PURPOSE OF THIS FORM - This schedule must be completed by any taxpayer who is a certified “qualified business” desiring an employees tax credit and/or credit

carry forward as provided for in the “New Jersey Urban Enterprise Zones Act” P.L. 1983, c. 303, as amended by P.L. 1988, c. 93, N.J.S.A. 52:27H-60 et seq. If the

taxpayer claims this tax credit on Form CBT-100, Form CBT-100S or Form BFC-1, a completed Form 300 must be attached to the return to validate the claim.

Certification as a “qualified business” must be obtained from the New Jersey Urban Enterprise Zone Authority (in but not of the New Jersey Department of

Community Affairs), PO Box 822, Trenton, New Jersey 08625-0820.

The employees tax credit cannot be claimed in the same year that an urban enterprise zone investment tax credit is claimed regardless of whether those credits

were earned for the tax year or carried forward from a previous year.

NOTE:

Complete only PARTS IV and V where the full amount of the Urban Enterprise Zone tax credit claimed on the current return is the result of an Urban

Enterprise Zone tax credit carried forward from a previous tax year.

PART I

TAXPAYER AND EMPLOYEE PRELIMINARY QUALIFICATIONS

The preliminary qualifications must be met by the taxpayer and each employee for which the one-time credit is claimed. If an answer to any one of the questions

listed in PART I is “NO”, the taxpayer is NOT entitled to the employees tax credit. Only employees hired on or after the date on which the taxpayer was certified as

a “qualified business” can qualify for the tax credit.

PART II

EMPLOYEE QUALIFICATIONS FOR THE $1500 CREDIT AND

PART III

EMPLOYEE QUALIFICATIONS FOR THE $500 CREDIT

Once the preliminary qualifications have been met in PART I, the taxpayer must complete PART II and/or PART III to determine whether or not the eligible

employee(s) qualifies the taxpayer for either the $1500 or the $500 employees tax credit. It is important to note that an eligible employee may qualify the taxpayer

for either the $1500 credit or the $500 credit - never for both. The employee information required for PART II and PART III must be entered below on Schedule II

and Schedule III respectively. Attach a rider if additional space is required.

SCHEDULE II

EMPLOYEES QUALIFYING THE TAXPAYER FOR THE $1500 CREDIT

Enter the required information for each employee meeting the qualifications stated in PART I and PART II.

Employment Dates

Municipality in which

Social Security Number

Name

the employee resides

From

Total number of Employees Qualifying the Taxpayer for $1500 Credit _______________________ (Carry to Part IV, Line 12 on reverse side.)

SCHEDULE III

EMPLOYEES QUALIFYING THE TAXPAYER FOR THE $500 CREDIT

Enter the required information for each employee meeting the qualifications stated in PART I and PART III.

Employment Dates

Municipality in which

Social Security Number

Name

the employee resides

From

5. Total number of Employees Qualifying the Taxpayer for $500 Credit _______________________ (Carry to Part IV, Line 13 on reverse side.)

PART IV CALCULATION OF THE ALLOWABLE CREDIT AMOUNT

a) The total and allowable Urban Enterprise Zone Employees Tax Credit for the current year is calculated in PART IV. The amount of this credit in addition to

the amount of any other tax credits cannot exceed an amount which would reduce the total tax liability below the statutory minimum. Taxpayers claiming

multiple credits must list any credits already applied to the tax liability to ensure accuracy of the calculation for maximum credit allowable.

b) 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

$500.00

$375.00

$100,000 or more but less than $250,000

$750.00

$562.00

$250,000 or more but less than $500,000

$1,000.00

$750.00

$500,000 or more but less than $1,000,000

$1,500.00

$1,125.00

$1,000,000 or more

$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.

PART V

CALCULATION OF CREDIT CARRY FORWARD

Although there is a limitation of the amount of credit allowed in any one tax year, the amount of unused tax credit may be carried forward to a future tax year

provided that the tax year falls within a 20 year period beginning with the date of designation of the enterprise zone, or if later, a period of 20 tax years

beginning with the date within the designation period upon which the taxpayer is first subject to the “Corporation Business Tax Act (1945),” P.L. 1945, c. 162,

N.J.S.A. 54:10A-1 et seq.