Form 304 - New Jobs Investment Tax Credit - 2011

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304
NEW JERSEY CORPORATION BUSINESS TAX
FORM
(1-12, R-18)
NEW JOBS INVESTMENT TAX CREDIT
FOR TAXABLE PERIODS BEGINNING ON AND AFTER JANUARY 1, 2011
Name as Shown on Return
Federal ID Number
NJ Corporation Number
READ THE INSTRUCTIONS BEFORE COMPLETING THIS FORM
PART I
QUALIFICATIONS
1. Has the taxpayer invested in property purchased for new or expanded business facilities that created at least 5 new
jobs in New Jersey for small or mid-sized business taxpayers (50 for other taxpayers) with median income of at least
$37,700 for tax years beginning in 2006, or $38,350 for tax years beginning in 2007, or $39,400 for tax years
beginning in 2008, or $41,500 for tax years beginning in 2009, or $40,800 for tax years beginning in 2010, or
$41,350 for tax years beginning in 2011? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
YES
NO
2. Has the average book value of all real and tangible personal property in New Jersey of the taxpayer
increased over the prior tax year? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
YES
NO
3. Is the average employment of the taxpayer in New Jersey in the first tax year of the tax credit greater than that
of the prior tax year?
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
YES
NO
If the answer to any of the above questions is “NO”, do not complete the rest of this form. The taxpayer does not qualify for the New Jobs
Investment Tax Credit, otherwise, go to Part II.
PART II
CALCULATION OF THE NEW JOBS INVESTMENT TAX CREDIT
Note: All items pertain only to New Jersey factors. Refer to the specific line item instructions for Part II before completing this
section.
4. Enter the amounts of the qualified investments made during the current tax year:
(a) 3 year life ____________________ x 0.35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4(a)
(b) 5 year life ____________________ x 0.70 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4(b)
(c) 7 year or more life _____________________ x 1.00 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4(c)
5. Add lines 4(a) through 4(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.
6. (a) Enter the average New Jersey employment for this tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6(a)
(b) Enter the average New Jersey employment for last tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6(b)
(c) Subtract line 6(b) from line 6(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6(c)
(d) Divide line 6(a) by 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6(d)
(e) Enter the number of eligible new jobs. (See instruction) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6(e)
(f) Enter the lesser of lines 6(c), 6(d) or 6(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6(f)
7. New Jobs Factor: (See instruction)
(a) Small or mid-sized business taxpayers - divide line 6(f) by 5 with no remainder.
Other taxpayers - divide line 6(f) by 50 with no remainder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7(a)
(b) For small or mid-sized business taxpayers, multiply line 7(a) by 0.01. For other taxpayers, multiply
line 7(a) by 0.005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7(b)
(c) For small or mid-sized business taxpayers, enter the lesser of 0.20 or line 7(b). For other taxpayers,
enter the lesser of 0.10 or line 7(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7(c)
8. Maximum annual credit - Multiply line 5 x line 7(c) x 0.20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.
9. Prior year qualified investment (See instruction)
Enter the maximum annual credit as determined on line 8 of this form for:
(a) the first prior tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9(a)
(b) the second prior tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9(b)
(c) the third prior tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9(c)
(d) the fourth prior tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9(d)
10. Aggregate annual credit - Add line 8 and lines 9(a) through (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10.

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