Form 319 - Urban Transit Hub Tax Credit - New Jersey Corporation Business Tax - 2013
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1319
FORM
NEW JERSEY CORPORATION BUSINESS TAX
(09-13, R-03)
URBAN TRANSIT HUB TAX CREDIT
2013
FOR TAXABLE PERIODS ENDING ON JULY 31, 2013
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 received and attached a copy of the tax credit certificate issued by the New Jersey
Economic Development Authority? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
YES
NO
If the answer to the above question is “NO”, do not complete the rest of this form. The taxpayer is not eligible for this tax credit. Otherwise, go
to Part II.
PART II
CALCULATION OF THE URBAN TRANSIT HUB TAX CREDIT
2.
2. Prior year unused credit carry forward - from line 8 of previous year’s Form 319 . . . . . . . . . . . . . . . . . . . .
3.
3. Enter the tax credit amount approved for the current tax period by the Economic Development Authority .
4.
4. Enter the total of lines 2 and 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.
5. Enter tax liability from page 1, line 9 of CBT-100 or BFC-1, or line 4 of the CBT-100S . . . . . . . . . . . . . . .
6. If the taxpayer is a tenant, enter the total lease payments made during the tax period for occupancy in
the qualified business facility, otherwise, continue to line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
7. Total tax credits taken on this year’s return
a) Angel Investor Tax Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.
8.
8. Subtract line 7 from line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9. Allowable credit for the current tax period - tenants must enter the lesser of lines 4, 5, 7 or 8 and other
taxpayers must enter the lesser of lines 4 or 5 here and on Schedule A-3 of the CBT-100, the CBT-100S
9.
or the BFC-1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10.
10. Unused Credit Carry forward (line 4 minus line 9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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.
UNUSED TAX CREDITS
An unused credit may be carried forward for twenty (20) years.
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