Form 302 - Redevelopment Authority Project Tax Credit - 2013 Page 3
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3Form 302-A
09-13, R-12
Instructions for Form 302
Redevelopment Authority Project Tax Credit
(Formerly the Urban Development Project Employees Tax Credit)
PURPOSE OF THIS FORM
This schedule must be completed by any taxpayer desiring an employees tax credit as provided for in the New Jersey Urban
Development Corporation Act, P.L. 1985, c. 227, N.J.S.A. 55:19-13. If the taxpayer claims this credit on Form CBT-100, Form CBT-
100S or Form BFC-1, a completed Form 302 must be attached to the return to validate the claim.
This credit is only available to a corporation which is actively conducting a business at a location within a project, as defined in N.J.S.A.
55:19-3, which project is being financed by, or being carried out under an agreement with the Redevelopment Authority. Information on
these projects may be obtained from the New Jersey Redevelopment Authority, PO Box 790, Trenton, NJ 08625-0790. Telephone (609)
292-3739.
PART I
TAXPAYER AND EMPLOYEE PRELIMINARY QUALIFICATIONS
The preliminary qualifications must be met by the taxpayer and each employee for which the one-time credit is claimed. If an answer
to any one of the questions listed in PART I is “NO”, the taxpayer is NOT entitled to the employees tax credit.
PART II
EMPLOYEE QUALIFICATIONS FOR THE $1500 CREDIT
Once the preliminary qualifications have been met in PART I, the taxpayer must complete PART II to determine whether or not the
eligible employee(s) qualifies the taxpayer for the $1500 employees tax credit. Complete the information requested on the schedule in
Part II for each qualifying employee. Attach a rider if additional space is required.
PART III
CALCULATION OF THE ALLOWABLE CREDIT AMOUNT
a) The total and allowable Redevelopment Authority Project Tax Credit for the current year is calculated in PART III. The amount
of this credit in addition to the amount of any other tax credits taken is limited to 50% of the taxpayer’s total tax liability and
cannot exceed an amount which would reduce the total tax liability below the statutory minimum.
b) If the taxpayer is claiming credit for an amount carried over from the previous tax period, complete Part II with the information
reported on the prior period’s Form 302.
c) 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.
d) The priorities set forth in this Corporation Business Tax form follow Regulation N.J.A.C 18:7-3.17.
PART IV
REDEVELOPMENT AUTHORITY PROJECT TAX CREDIT CARRYOVER
The Redevelopment Authority Project Tax Credit is allowed in the tax year following the tax year of qualification, and may be continued
into a second tax year if such qualification continues. Complete Part IV if the allowable tax credit is less than the total credit available
for the current year. Any credit which remains after the second tax year following the tax year of qualification is forfeited.
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