Fillable Schedule Jobz - Jobz Tax Benefits

C corporations: Enter the amount from Form

within and outside the zone, you must pro-

3 From your 2013 Schedule JOBZ,

rate the rent received based on the number

divide line 6, column A, by

M4T, line 5.

of days the property was used in the zone.

your 2013 total payroll (within

Partnerships: Multiply Form M3A, line 5,

and outside Minnesota) . . . . . . .

Line 27—Net Gains From Sale of Real

column C, by Schedule K (1065), line 1.

4 Add steps 2 and 3 . . . . . . . . . . . .

Property

S corporations: Multiply Form M8A, line 5,

5 Divide step 4 by two (carry to

If you sold or exchanged real property used

column C, by Schedule K (1120S), line 1.

fi ve decimal places) . . . . . . . . . .

by a qualifi ed business located in the zone,

enter the net gains received on line 27.

Sole proprietors, estates and trusts: If you are

6 Multiply step 1 by step 5. Enter

However, if you owned the property prior to

the result here and on line 29 . .

a full-year Minnesota resident, enter the

the designation of the zone, follow the steps

adjusted amount of Schedule C (1040), line

Line 30—JOBZ Investment Income

below to determine line 27:

31, or Schedule C-EZ (1040), line 3.

Partnerships: Include the partner’s distribu-

1 Net gain from the sale or exchange

tive share on Schedule KPI, line 9, or on

If you’re a part-year resident or nonresident,

of real property located in the

Schedule KPC, line 4.

enter the amount from Schedule M1NR,

zone . . . . . . . . . . . . . . . . . . . . . . .

line 3, column B.

S corporations: Include the shareholder’s pro

2 Number of days you held the

rata share on Schedule KS, line 9.

Line 11—Adjusted Relocated Zone

property during the period of

Payroll

Estates and trusts: Include the result on

zone designation . . . . . . . . . . . . .

Form M2, line 38, and include the benefi -

To determine line 11, follow the steps

3 Total number of days you held

ciary’s share on Schedule KF, line 15.

below:

the property . . . . . . . . . . . . . . . . .

1 2014 zone payroll (from line 6,

Individuals and sole proprietors: Include the

4 Divide step 2 by step 3 . . . . . . . .

column A) . . . . . . . . . . . . . . . . . .

result on Schedule M1M, line 30.

5 Multiply step 1 by step 4. Enter

2 Payroll from relocated opera-

the result here and on line 27 . .

Lines 31–43

tion for last full year prior to

Line 28—Net Gains From Sale of

JOBZ Jobs Credit

relocation . . . . . . . . . . . . . . . . . . .

Tangible Personal Property

A refundable jobs credit based on higher

3 Subtract step 2 from step 1 . . . .

If you sold or exchanged tangible personal

paying jobs is available to qualifi ed busi-

Enter the result from step 3 on line 11.

property that was used by a qualifi ed busi-

nesses located in a JOBZ zone. To qualify,

ness in the zone, enter the net gains received

the average wage per employee in the zone

Line 17—Zone Exemption

on line 28. However, if the tangible property

must be $38,090 or more.

Enter the amount from line 10 or line 16,

was used both within and outside the zone

whichever is less. However, if the qualifi ed

Line 31—Zone Payroll

or you owned the property before the zone

business relocated aft er August 31, 2005,

Enter line 6, column A. For employees

was designated, follow the steps below to

enter the amount from line 13 or line 16,

whose wages are over $126,960 exclude the

determine line 28:

whichever is less.

amount over $126,960.

1 Net gain from the sale or exchange of

C corporations: Include the result on Form

Line 32—2003 Zone Payroll

tangible personal property used by

M4T, line 9.

Enter the amount of payroll in the zone

a qualifi ed business in the zone .

for 2003. For employees whose wages are

Partnerships: Include the partner’s distribu-

2 Number of days the tangible

over $126,960, exclude the amount over

tive share on Schedule KPI, line 9, or on

personal property was used in

$126,960.

Schedule KPC, line 3.

the zone . . . . . . . . . . . . . . . . . . . .

Line 43—JOBZ Jobs Credit

3 Total number of days

Th e zone exemption may not fl ow through

Partnerships, S corporations, estates and

you held the property . . . . . . . .

to C corporation partners.

trusts: Any remaining credit may be passed

4 Divide step 2 by step 3 . . . . . . . .

S corporations: Include the shareholder’s pro

through to partners, shareholders and

5 Multiply step 1 by step 4. Enter

rata share on Schedule KS, line 9.

benefi ciaries on the appropriate line on

the result here and on line 28 . .

Schedule KPI, KPC, KS or KF.

Estates and trusts: Include the result on

Line 29—Gain From the Sale of an Own-

Form M2, line 38, and include the benefi -

ership interest in a Qualiﬁ ed Business

ciary’s share on Schedule KF, line 15.

If you sold a qualifi ed business (a corporate

Deﬁ nition

Sole proprietors: Include the result on

stock, S corporate stock or partnership

Schedule M1M, line 30. Also, any child

interest) in 2014 and the 2014 zone ratio of

Full-time Equivalent Employee is the

and dependent care and/or working family

the business is at least 25 percent, you may

credit you may claim must be prorated to

equivalent to 2,080 expected hours of

qualify for a subtraction. (Use the steps be-

exclude your exempt earned income from

work time. To determine, follow the

low using 2014 fi gures to determine if your

operating a qualifi ed business in the zone.

steps below:

2014 zone ratio is at least 25 percent. If step

Line 19

6 using 2014 fi gures is less than 25 percent,

1 Number of full-time employees

you do not qualify for this subtraction.)

who worked the entire year .

If the qualifi ed business relocated under a

fully executed business subsidy agreement

2 Total hours worked by all em-

Follow the steps below to determine line 29:

aft er August 31, 2005, multiply line 18 by

ployees not included in step 1

1 Net gain from the sale of an

line 8, and then multiply by line 12. Enter

3 Divide step 2 by 2,080 . . . . .

ownership interest in a qualifi ed

the result on line 19.

business . . . . . . . . . . . . . . . . . . . .

4 Add step 1 and step 3, and

Lines 23–26—Rent Subtraction

carry result to two

2 From your 2013 Schedule JOBZ,

Enter the net rents you received from a

decimal places . . . . . . . . . . . .

divide line 5, column A, by your

qualifi ed business for the rental of real or

2013 total property (within and

tangible personal property located in the

outside Minnesota) . . . . . . . . . .

zone. If the personal property was used both

Schedule Jobz - Jobz Tax Benefits - 2014 Page 4

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