Form 318 - Film Production Tax Credit - New Jersey Corporation Business Tax - 2012 Page 4
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4PART III - CALCULATION OF THE ALLOWABLE CREDIT AMOUNT
a) The allowable film production tax credit is calculated in Part III. The amount of this credit in addition to the amount of any other
tax credits 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) Line 14 - List the name and the related amount of any other tax credits claimed for the period covered by the return. Credits
must be taken in the following priority: 1) Urban Transit Hub Tax Credit, 2) HMO Assistance Fund Tax Credit, 3) New Jobs
Investment Tax Credit, 4) Urban Enterprise Zone Tax Credit, 5) Redevelopment Authority Project Tax Credit, 6) Recycling
Equipment Tax Credit, 7) Manufacturing Equipment and Employment Investment Tax Credit, 8) Research and Development Tax
Credit, 9) Small New Jersey-Based High-Technology Business Investment Tax Credit, 10) Neighborhood Revitalization State Tax
Credit, 11) Effluent Equipment Tax Credit, 12) Economic Recovery Tax Credit, 13) Remediation Tax Credit, 14) AMA Tax Credit,
15) Business Retention and Relocation Tax Credit, and 16) Sheltered Workshop Tax Credit. Refer to Regulation N.J.A.C. 18:7-
3.17.
PART IV - FILM PRODUCTION TAX CREDIT CARRYOVER
The amount of the tax credit that cannot be applied to the current tax period due to the applicable limitations can be carried over to the
seven privilege periods following the privilege period for which the credit was allowed. Complete Part IV to validate the tax credit
carryover amount.
Form 318 (09-12, R-4)
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