Form 313 - Economic Recovery Tax Credit - New Jersey Corporation Business Tax - 2013 Page 3
Download a blank fillable Form 313 - Economic Recovery Tax Credit - New Jersey Corporation Business Tax - 2013 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form 313 - Economic Recovery Tax Credit - New Jersey Corporation Business Tax - 2013 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4Form 313-A
Instructions for Form 313
(09-13, R-09)
Economic Recovery Tax Credit
The purpose of the Economic Recovery Tax Credit is to foster business investment in qualified municipalities established under the authority
of the "Qualified Municipality Open For Business Incentive Program". A taxpayer that is engaged in the conduct of business within a qualified
municipality and is not receiving a benefit under the New Jersey Urban Enterprise Zones Act, P.L.1983, c.303 (C.52:27H-60 et seq.) may
apply to receive a tax credit against the amount of tax otherwise imposed under the Corporation Business Tax Act (1945), P.L.1945, c.162
(C.54:10A-1 et seq.) equal to: $2,500 for each new full-time position at that location in credit year one and $1,250 for each new full-time
position at that location in credit year two. No taxpayer shall be allowed more than a single 24 month continuous period in which credits
shall be allowed for activity at a location within a qualified municipality. The credit allowable under this section shall not exceed 50% of the
tax liability otherwise due and shall not reduce the tax liability to an amount less than the statutory minimum. If the taxpayer claims this
credit on Form CBT-100, Form CBT-100S or Form BFC-1, a completed Form 313 must be attached to the return to validate the claim.
Any unused credit may be carried forward, if necessary, for use in the five privilege periods following the privilege period for which the credit
is allowed. The credit allowed for credit year one may be refundable at the close of the privilege period in which or with which credit year
two ends. That amount of the credit received for credit year one remaining, if any, after the liabilities for the privilege period in which or with
which credit year two ends and for any prior privilege period have been satisfied, multiplied by the sustained effort ratio, shall be an
overpayment for the purposes of section R.S.54:49-15 for the privilege period in which or with which credit year two ends; that amount of
the credit received for credit year one remaining, if any, that is not an overpayment may be carried forward.
DEFINITIONS
line items 5 and 6, and then complete the balance of the form
Credit year one means the first twelve calendar months following
computing the amount of tax credit that is allowed to be taken on the
the initial or expanded operations at a location within a qualified
current tax return.
municipality.
PART II
Credit year two means the twelve calendar months following credit
QUALIFYING EMPLOYEE INFORMATION
year one.
Complete the information requested for each qualifying employee
entered in PART III of this form. Attach a rider if additional space is
Employee of the taxpayer does not include an individual with an
required.
ownership interest in the business, that individual's spouse or
dependents, or that individual's ancestors or descendants.
PART III
CALCULATION OF THE ECONOMIC RECOVERY TAX CREDIT
Full-time position means a position filled by an employee of the
The tax credit is computed in this section, and is equal to $2,500 for
taxpayer for at least 140 hours per month on a permanent basis,
each new full-time position at the qualified location in credit year
which does not include employment that is temporary or seasonal.
one and $1,250 for each new full-time position at the location in
credit year two.
New full-time position means a position that did not exist prior to
Line 7 - Enter the information for line 7 on the form filed for credit
credit year one. New full-time positions shall be measured by the
year one only.
increase, from the twelve month period preceding credit year one to
Line 8 - Enter the information for line 8 on the form filed for credit
the measured credit year, in the average number of full-time
year two only.
positions and full-time position equivalents employed by the
taxpayer at the location within a qualified municipality. The hours of
PART IV
employees filling part-time positions shall be aggregated to
CALCULATION OF THE ALLOWABLE CREDIT AMOUNT
determine the number of full-time position equivalents.
a) The allowable Economic Recovery Tax Credit for the current
Part-time position means a position filled by an employee of the
period is calculated in PART IV. The amount of this credit in
taxpayer for at least 20 hours per week for a t least 3 months during
addition to the amount of any other tax credits taken is limited to
the credit year.
50% of the taxpayer's total tax liability and cannot exceed an
amount which would reduce the total tax liability below the
Sustained effort ratio means the proportion that the credit year
statutory minimum.
two new full-time positions bear to the credit year one new full-time
positions, not to exceed one.
b) The minimum tax is assessed based on the New Jersey Gross
Receipts as follows:
SPECIFIC INSTRUCTIONS FOR FORM 313
PART I
New Jersey Gross Receipts
CBT-100
CBT-100S
TAXPAYER AND EMPLOYEE PRELIMINARY QUALIFICATIONS
Less than $100,000
$500.00
$375.00
Questions 1 through 4 pertain to the taxpayer and the employee
$100,000 or more but less than $250,000
$750.00
$562.00
qualifications that must be met prior to taking the Economic
$250,000 or more but less than $500,000
$1,000.00
$750.00
Recovery Tax Credit. If the answer to any of these questions is
$500,000 or more but less than $1,000,000 $1,500.00 $1,125.00
"YES", the taxpayer is not eligible to take this tax credit. If the
$1,000,000 or more
$2,000.00 $1,500.00
answer to all of the questions is "NO", the taxpayer must first fill in
1
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial