Form Git-317 - Sheltered Workshop Tax Credit - 2006

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NEW JERSEY GROSS INCOME TAX
GIT-317
FORM
SHELTERED WORKSHOP TAX CREDIT
Tax Year: 2006
FOR RETURN PERIODS BEGINNING AFTER JANUARY 12, 2006
(2-07)
PART I
IDENTIFICATION
Entity Name
Federal ID Number
NJ Allocated Income
Check Entity Type
Partnership
Sole Proprietorship
Limited Liability Company
PART II
QUALIFICATIONS
1. Is each employee for which a credit is claimed a “Qualified Person” in accordance with P.L. 2005, c. 318? . . . .
YES
NO
2. Did each employee for which a credit is claimed work for at least 26 weeks during the privilege period and
work at least 25 hours per week at or under the supervision of a sheltered workshop? . . . . . . . . . . . . . . . . . . . .
YES
NO
NOTE: If the answer to either of the above questions is “NO”, do not complete the rest of this form. The taxpayer does not qualify for the
sheltered workshop tax credit, otherwise, go to Part III.
PART III
CALCULATION OF THE AVAILABLE SHELTERED WORKSHOP TAX CREDIT
(A)
(B)
(C)
(D)
Social Security Number
Name
Total Wages
20% of Column C - Max $1,000
1.
2.
3.
4.
Available Sheltered Workshop Tax Credit (add lines 1, 2, 3 and 4) . . . . . . . . . . . . . . . . . . . . . . . . . . .
* If there are more names, please attach a schedule corresponding to Part III.
PART IV
CALCULATION OF THE ALLOWABLE CREDIT AMOUNT
1. Carryover credit from prior years (not applicable in first year) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
2. Available current year Sheltered Workshop Tax Credit (total from Part III or NJ-K1) . . . . . . . . . . . . . . . .
2.
3. Total Sheltered Workshop Tax Credits (add lines 1 and 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.
4. NJ allocated income (from Part I above) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
5. NJ Gross Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.
6. Percentage (divide line 4 by line 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
7. NJ Tax after credit for taxes paid to other jurisdictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.
8. Apportioned NJ tax (multiply line 7 by line 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.
9. Maximum Allowable Credit (multiply line 8 by 50%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
10. Earned Income Tax Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.
11. Allowable credit (subtract line 10 from line 9, do not enter less than zero) . . . . . . . . . . . . . . . . . . . . . . . . 11.
12. Current year credit (lesser of line 11 or line 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.
13. Carryover credit (subtract line 12 from line 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.

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