Form 319 - Urban Transit Hub Tax Credit - New Jersey Corporation Business Tax - 2014 Page 2
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2Form 319 (09-14, R-05)
Instructions for Form 319
Purpose of this Form - This schedule must be completed by any taxpayer that claims a tax credit as provided for in the Urban Transit Hub Tax
Credit Act, P.L. 2007, c. 346, as amended by P.L. 2009, c.90 and P.L. 2012, c.35. (C.34:1B-207 et seq.). The Act establishes a tax credit of up to
100% of the qualified capital investments made by businesses, and a tax credit of up to 20% of the qualified capital investments made by
developers. The tax credit can be taken over a 10-year period at the rate of one-tenth of the total amount of the credit for each privilege period.
In order to qualify for this tax credit, the taxpayer must have received a tax credit certificate issued by the New Jersey Economic Development
Authority. If the taxpayer claims this credit on Form CBT-100, Form CBT100S, or Form BFC-1, a completed Form 319 must be attached to the
return to validate the claim.
PART I - QUALIFICATIONS
In order to be eligible for the tax credit, the answer to question 1 must be “YES”. If the answer is “NO”, the taxpayer is not entitled to the Urban
Transit Hub Tax Credit.
A copy of the tax credit certificate issued by the New Jersey Economic Development Authority must be attached along with Form 319 to the tax
return. Failure to attach this certificate will result in the denial of the tax credit claimed.
PART II - CALCULATION OF THE URBAN TRANSIT HUB TAX CREDIT
(a) Line 2 - The amount of the tax credit is equal to the amount reported on the tax credit certificate that was issued by the New Jersey Economic
Development Authority.
(b) Line 8 - Any amount of tax credit that exceeds the final tax liability for any tax year may be carried forward for use in a later tax year.
(c) The amount of credit allowed for a tax period to a taxpayer that is a tenant cannot exceed the total lease payments for occupancy in a
qualified business facility for that tax period.
(d) The tax credits are not refundable.
(e) Taxpayers claiming multiple credits must list any credits already applied to the tax liability to ensure accuracy of the calculation for maximum
credit allowable.
UNUSED TAX CREDITS
An unused credit may be carried forward for twenty (20) years.
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