Form 311 - Neighborhood Revitalization State Tax Credit - New Jersey Corporation Business Tax - 2012 Page 2
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1
2Form 311-A
Instructions for Form 311
(09-12, R-4)
NEIGHBORHOOD REVITALIZATION STATE TAX CREDIT
Purpose of this Form - This schedule must be completed by any taxpayer that claims a tax credit as provided for in the Neighborhood
Revitalization State Tax Act, N.J.S.A. 52:27D-490 et seq. and N.J.A.C. 5:47 et seq. In order to qualify for this tax credit, the taxpayer must
have received a tax credit certificate from the Department of Community Affairs for providing funds to implement a qualified neighborhood
preservation and revitalization project. If the taxpayer claims this credit on Form CBT-100, Form CBT-100S or Form BFC-1 a completed
Form 311 must be attached to the return to validate the claim.
PART I
QUALIFICATIONS
In order to be eligible for the tax credit, the answer to both questions 1 and 2 must be “YES”. If the answer to either question is “NO”, the
taxpayer is not entitled to the Neighborhood Revitalization State Tax Credit.
A copy of the tax credit certificate issued by the commissioner of the Department of Community Affairs must be attached along with Form
311 to the tax return. Failure to attach this certificate will result in the denial of the tax credit claimed.
PART II
CALCULATION OF THE NEIGHBORHOOD REVITALIZATION STATE TAX CREDIT
The tax credit amount is equal to 100% of the approved assistance provided to the Department of Community Affairs to implement a qualified
neighborhood preservation and revitalization project. The maximum credit allowed in any taxable year is $1,000,000.
PART III
CALCULATION OF THE ALLOWABLE CREDIT AMOUNT
a) The allowable tax credit for the current return period is calculated in Part III. 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 which would reduce the total
tax liability below the statutory minimum.
b) The minimum tax is assessed based on the New Jersey Gross Receipts as follows:
S Corporations with periods
New Jersey Gross Receipts
Minimum Tax
beginning on or after 1/1/2012:
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.
c) The priorities set forth in this Corporation Business Tax form follow Regulation N.J.A.C. 18:7-3.17.
UNUSED TAX CREDITS
There are no carryover provisions for this tax credit. Any unused tax credits are forfeited.
FOR ADDITIONAL INFORMATION CONTACT:
New Jersey Department of Community Affairs
Division of Community Resources
PO Box 811
101 South Broad Street
Trenton, NJ 08625
(609) 633-6286
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