Schedule Jobz - Jobz Tax Benefits Job Opportunity Building Zone (Jobz) Exemptions, Exclusions, Subtractions And Credit - 2012 Page 3
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4Schedule JOBZ Instructions 2012
Job Opportunity Building Zone (JOBZ) Exemptions, Exclusions, Subtractions and Credits
Who is eligible
Annual Reporting of All JOBZ Tax Benefits
Qualified Businesses
Each qualified JOBZ business is required to annually file two forms with the Department
Tax benefits, such as exemptions from
of Revenue. These forms are filed separately from the qualified business’s tax return.
income and minimum fee adjustments, are
By October 15, 2013, each qualified business must file Form M500, JOBZ Tax Benefits
available to qualified businesses operating
Report, to report the amount of taxes the business would have paid in 2011 had it not
in a designated Job Opportunity Building
Zone (JOBZ).
been in a JOBZ zone AND each qualified business must file Form JOBZ1 to certify with
the Department of Revenue that it is in compliance with the terms of its business subsidy
You are a qualified business if your place of
agreement.
business is located within a zone and you
Failure to submit either of these reports will result in the business being removed from the
have signed a Business Subsidy Agreement
JOBZ program.
with the JOBZ zone administrator.
Agricultural processing facilities located in
Column instructions
Line 4—Capitalized Rents
a designated agricultural processing facility
Rented property is based on the actual rent
Column A, Lines 1–6. Enter the zone
zone are eligible for the same tax benefits as
for property used during the tax year. Do
property and payroll items for the qualified
a qualified business located in a JOBZ zone.
not average rents paid during the year. De-
business located in the zone.
termine the value of rented property used in
Individuals
Column B, Lines 1–6. Enter the business’s
the zone and in Minnesota by multiplying
Individuals who invest in or operate a quali-
total property and payroll items in Min-
the rent paid during the tax year by eight.
fied business in a JOBZ zone can subtract
nesota. However, if you are a sole proprietor
the following types of income, to the extent
Line 6—Payroll
who is a Minnesota resident, change the
that the income would otherwise be taxable:
In column A, enter the total wages and
column heading for column B from “In
salaries paid to individuals for services per-
• the income received for renting real or
Minnesota” to “Worldwide business total”
formed in the zone. If an individual works
tangible personal property used by a
and enter the appropriate amounts on lines
from an office within the zone and their em-
qualified business located in a zone,
1–6.
ployment requires them to work outside the
• income received from operating a quali-
Unitary groups: In column B, lines 1–6,
zone, include their full wages and salaries
fied business in a zone,
enter the total of all B columns for each line
only if the outside-zone work is incidental
from the unitary group’s M4A.
• gains from the sale or exchange of real
to the work performed by the individual
or tangible personal property used by a
within the zone.
Column C, Lines 5 and 6. Divide column
qualified business located in a zone, or
A by column B, and enter the result in
In column B, enter the total payroll paid or
• gains from the sale of an ownership inter-
column C for each line. Be sure to carry the
incurred in Minnesota, or paid for labor
est in a qualified business.
result to five decimal places.
performed in Minnesota, for the tax year in
connection with the business.
If you are a sole proprietor operating a
Line Instructions
qualified business, complete Sections A, D
Lines 9–16
and E. Individuals who are not operating a
Definitions for property and payroll on lines
qualified business should complete Section
1 through 6 are generally the same as those
Limit
D only, and skip Sections A, B, C and E.
terms as defined for the three-factor appor-
The maximum amount you are allowed
tionment.
to subtract is 20 percent of the sum of the
If you are a partner of a partnership or share-
qualified business’s zone payroll plus the
holder of an S corporation, you may need
Line 1—Inventory
adjusted basis of property at the time the
to contact the entity to obtain the required
Enter the average value of inventories for
property is first used by the business in the
information to complete Schedule JOBZ.
the business for the tax year.
zone.
Line 2—Tangible Property and Land
Completing the Schedule
Line 9—Minnesota Source Income
Enter the average value of total tangible
Using the instructions below, enter your
BSA Effective Date
property (real, personal and mixed) used in
Minnesota source income (or your federal
connection with your business during the
The BSA effective date is the date the quali-
income if you are a Minnesota resident sole
tax year. Property must be valued at original
fied business’s Business Subsidy Agreement
proprietor) from the qualified business that
cost and includes land, buildings, machin-
(BSA) was signed by the zone administrator.
operates in the zone. Exclude any rental in-
ery, equipment and other tangible personal
come or capital gains from the sale of prop-
Benefit or Operations Start Date
property.
erty used by the qualified business in the
The benefit start date is the later of the
Line 3—Financial Institutions Only
zone that may be included in the amount.
approval date or the date the business was
For financial institutions only, you must
You will report this income separately in
staffed and running its business operations.
include intangible assets in the property. See
Section D.
page 11 of the instructions for Form M4,
Corporation Franchise Tax, for details.
Continued
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