Form 308 - Small New Jersey-Based High-Technology Business Investment Tax Credit - 2014 Page 2
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3Form 308-A
Instructions for Form 308
(09-14, R-11)
Small New Jersey-Based High-Technology Business Investment Tax Credit
NOTE: The legislation governing this tax credit expired for privilege periods beginning on and after July 1, 2001.
The purpose of the Small New Jersey-Based High-Technology Business Investment Tax Credit Act is to encourage corporate taxpayers
to invest in small New Jersey-based high-technology businesses thereby providing them with the needed funds for research and
development and pilot scale manufacturing required to develop marketable products and services. If the taxpayer claims this credit on
Form CBT-100, Form CBT-100S or Form BFC-1, a completed form 308 must be attached to the return to validate the claim.
A taxpayer shall be allowed a credit against the tax imposed pursuant to Section 5 of P.L. 1945, C. 162 (C. 54:10A-5) in an amount equal
to 10% of the qualified investment made by the taxpayer during each of the three years beginning on or after January 1, 1999, in a small
New Jersey-based high-technology business, up to a maximum allowed credit of $500,000 for the tax year for each qualified investment
made by the taxpayer. A small New Jersey-based high-technology business means a corporation doing business, employing or owning
capital or property, or maintaining an office, in this State that has qualified research expenses paid or incurred for research conducted
in this State or conducts pilot scale manufacturing in this State, and has fewer than 225 employees, of whom 75% are New Jersey-based
employees filling a position or job in this State.
The credit allowable for any given tax year may not to exceed an amount which would reduce the total tax liability below the statutory
minimum. A research and development tax credit shall not be allowed for expenses paid from funds for which a small New Jersey-based
high-technology tax credit is allowed, or which are includable in the calculation of the allowed amount of this tax credit. Any unused
credit may be carried over for fifteen years following a credit’s tax year. However, a taxpayer may not carry over any amount of unused
credit to a tax year during which a corporate acquisition, with respect to which a taxpayer was a target corporation, occurred or during
which the taxpayer was a party to a merger or a consolidation.
DEFINITIONS
Pilot scale manufacturing means design, construction, and
testing of preproduction prototypes and models in the fields of
Advanced computing means a technology used in the
advanced computing, advanced materials, biotechnology,
designing and developing of computing hardware and software,
electronic device technology, environmental technology, and
including innovations in designing the full spectrum of hardware
medical device technology, other than for commercial sale,
from hand-held calculators to super computers, and peripheral
excluding sales of prototypes or sales for market testing if total
equipment.
gross receipts, as calculated pursuant to section 6 of P.L. 1945,
C. 162 (C. 54:10A-6), from such sales of the product, service or
process do not exceed $1,000,000.
Advanced materials means materials with engineered
properties created through the development of specialized
processing and synthesis technology, including ceramics, high
Small New Jersey-based high-technology business means a
value-added metals, electronic materials, composites, polymers,
corporation doing business, employing or owning capital or
and biomaterials.
property, or maintaining an office, in this State that has qualified
research expenses paid or incurred for research conducted in
this State or conducts pilot scale manufacturing in this State, and
Biotechnology means the continually expanding body of
has fewer than 225 employees, of whom 75% are New Jersey-
fundamental knowledge about the functioning of biological
based employees filling a position or job in this State.
systems from the macro level to the molecular and subatomic
levels, as well as novel products, services, technologies and sub-
technologies developed as a result of insights gained from
Qualified investment means the non-refundable investment, at
research advances which add to that body of fundamental
risk in a small New Jersey-based high-technology business, of
knowledge.
cash that is transferred to the small New Jersey-based high-
technology business by a taxpayer that is not a related person of
the small New Jersey-based high-technology business, the
Electronic device technology means a technology involving
transfer of which is in connection with a transaction in exchange
microelectronics, semiconductors, electronic equipment, and
for stock, interests in partnerships or joint ventures, licenses
instrumentation, radio frequency, microwave, and millimeter
(exclusive or non-exclusive), rights to use technology, marketing
electronics, and optical and optic-electrical devices, or data and
rights, warrants, options or any items similar to those listed in
digital communications and imaging devices.
these definitions, including but not limited to options or rights to
acquire any of the items listed in these definitions.
Environmental technology means assessment and prevention
of threats or damage to human health or the environment,
Qualified research expenses means qualified research
environmental cleanup, or the development of alternative energy
expenses as defined in section 41 of the Federal Internal
sources.
Revenue Code of 1986, 26 U.S.C. §41, as in effect on June 30,
1992, in the fields of advanced computing, advanced materials,
Medical devices technology means a technology involving any
biotechnology, electronic device technology, environmental
medical equipment or product (other than a pharmaceutical
technology, or medical device technology.
product).
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