Form 308 - Small New Jersey-Based High-Technology Business Investment Tax Credit - 2014 Page 3
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3SPECIFIC INSTRUCTIONS FOR FORM 308
PART I
PART III
CREDIT CALCULATION FOR QUALIFIED INVESTMENTS
SMALL
NEW
JERSEY-BASED
HIGH-TECHNOLOGY
BUSINESS INVESTMENT TAX CREDIT CARRYOVER
The tax credit is computed in this section and is based on an
amount equal to 10% of the qualified investment made by the
Unused tax credits may be carried forward for fifteen years
taxpayer during the current tax period in a small New Jersey-
following a credit’s tax year. However, a taxpayer may not carry
based high-technology business up to a maximum allowed credit
over any amount of unused credit to a tax year during which a
of $500,000 for the tax year for each qualified investment made
corporate acquisition, with respect to which a taxpayer was a
by the taxpayer. The total credit available is reported on line 6.
target corporation, occurred or during which the taxpayer was a
party to a merger or a consolidation. The amount of the carryover
is calculated in Part III.
PART II
CALCULATION OF THE ALLOWABLE CREDIT AMOUNT
a)
The allowable Small New Jersey-Based High-Technology
Business Investment Tax Credit for the current period is
calculated in Part II. The amount of this credit, in addition to
the amount of any other tax credits taken cannot exceed an
amount which would reduce the total tax liability below the
statutory minimum. Taxpayers claiming multiple credits must
list any credits already applied to the tax liability to ensure
accuracy of the calculation for maximum credit allowable.
b)
The minimum tax is assessed based on the New Jersey
Gross Receipts as follows:
New Jersey Gross Receipts
CBT-100
CBT-100S
Less than $100,000
$500.00
$375.00
$100,000 or more but less than $250,000
$750.00
$562.00
$250,000 or more but less than $500,000
$1,000.00
$750.00
$500,000 or more but less than $1,000,000 $1,500.00 $1,125.00
$1,000,000 or more
$2,000.00 $1,500.00
provided however that for a taxpayer that is a member of an
affiliated or controlled group which has a total payroll of
$5,000,000 or more for the return period, the minimum tax
shall be $2,000. Tax periods of less than 12 months are
subject to the higher minimum tax if the prorated total payroll
exceeds $416,667 per month.
Form 308-A (09-14, R-11)
Page 2
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