Form 314 - Remediation Tax Credit - 2011 (Page 4 of 4) in pdf

Form 314 - Remediation Tax Credit - 2011 Page 4

The minimum tax is assessed based on the New Jersey Gross Receipts as follows:

New Jersey Gross Receipts

Minimum Tax

Less than $100,000

$500

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

$750

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

$1,000

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

$1,500

$1,000,000 or more

$2,000

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.

The priorities set forth in this Corporation Business Tax form follow Regulation N.J.A.C. 18:7-3.17.

PART V REMEDIATION TAX CREDIT CARRYOVER

Complete this schedule if the allowable tax credit is less than the total credit available for the current period or if a tax credit has been

carried forward from a previous tax period.

Line 22 - Enter form Part III, line 11 the tax credit calculated for each applicable tax period Do not include the amount of any tax credit

carried over from a prior tax period.

Line 23(a) - (f) - Enter the allowable tax credit amount from Part IV, line 21 of the Remediation Tax Credit form filed for the applicable tax

period. Apply the allowable credit amount for each period to the earliest calculation period until line 24 for that particular column equals

zero. This credit can only be carried forward for five periods at which time any remaining amount is forfeited.

Line 24 - Subtract the amount(s) reported on lines 23(a) through 23(f) from the amount reported on line 22 for the appropriate tax period

listed in columns A and B. The amount calculated on line 25 represents the total tax credit carryover to be reported on line 12, Part III

of the next period's form.

Form 314-A (6-11, R-6)

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Form 314 - Remediation Tax Credit - 2011 Page 4