Fillable Form 303 - Recycling Equipment Tax Credit

Form 303 (09-13, R-10)

Page 2

INSTRUCTIONS

This form must be completed by any taxpayer claiming a recycling equipment tax credit on Form CBT-100, Form CBT-100S, or Form

BFC-1. A completed Form 303 must be attached to the return to validate the claim.

PART I

QUALIFICATIONS

In order to be eligible for the tax credit, the answer to both questions 1 and 2 must be “YES”. If the answer to either question is “NO”,

the taxpayer is NOT entitled to the Recycling Equipment Tax Credit.

A copy of the certification issued by the Department of Environmental Protection must be attached to Form 303 for each piece of

recycling equipment used to compute the tax credit. Failure to attach any certification will result in the denial of the tax credit claimed.

No tax credit may be claimed with respect to equipment which was disposed of during the period covered by the tax return.

PART II

CERTIFIED RECYCLING EQUIPMENT

Complete the information requested in each of the columns (A) through (I) for each piece of certified equipment. If additional space is

needed, attach a rider in like format containing the information required in columns (A) through (I).

The cost amount to be reported in Column (C) is the invoice cost of the equipment.

Column (D) must reflect the amount of any loan from the Department of Environmental Protection made pursuant to section 5 of P.L.

1981, c. 278 as amended (N.J.S.A. 13:1E-96).

Enter in Column (G) the number of months that the qualified equipment was used in New Jersey during the period covered by the return.

The prorated credit amount, reported in Column (H), is computed by multiplying Column (F) by Column (G) and dividing the result by

12.

Enter the totals of the amounts reported in Columns (H) and (I) in the space provided.

PART III

CALCULATION OF THE ALLOWABLE CREDIT AMOUNT

a) The total and allowable Recycling Equipment 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) 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.

c) The priorities set forth in this Corporation Business Tax form follow Regulation N.J.A.C. 18:7-3.17.

UNUSED TAX CREDITS

Unused tax credits may be claimed in subsequent tax years subject to the limitations set forth on this form. Additionally, although the

legislation governing this tax credit expired on December 31, 1996, any unused credits claimed prior to January 1, 1997, shall be

allowable on subsequent tax returns subject to the limitations set forth on this form.

Form 303 - Recycling Equipment Tax Credit - 2013 Page 2

Related Articles

Related forms

Related Categories