Fillable Form 304 - New Jobs Investment Tax Credit

304

NEW JERSEY CORPORATION BUSINESS TAX

FORM

(08-16, R-24)

NEW JOBS INVESTMENT TAX CREDIT

2016

Name as Shown on Return

Federal ID Number

NJ Corporation Number

READ THE INSTRUCTIONS BEFORE COMPLETING THIS FORM

PART I

QUALIFICATIONS

1. Has the taxpayer invested in property purchased for new or expanded business facilities that created at least

5 new jobs in New Jersey for small or mid-sized business taxpayers (50 for other taxpayers) with median

income of at least $41,350 for tax years beginning in 2011, or $43,150 for tax years beginning in 2012, or

$44,000 for tax years beginning in 2013, or $44,450 for tax years beginning in 2014, or $45,100 for tax years

¨ YES

¨ NO

beginning in 2015, or $44,800 for tax years beginning in 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2. Has the average book value of all real and tangible personal property in New Jersey of the taxpayer

¨ YES

¨ NO

increased over the prior tax year? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3. Is the average employment of the taxpayer in New Jersey in the first tax year of the tax credit greater than that

¨ YES

¨ NO

of the prior tax year?

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

If the answer to any of the above questions is “NO”, do not complete the rest of this form. The taxpayer does not qualify for the New Jobs

Investment Tax Credit, otherwise, go to Part II.

PART II

CALCULATION OF THE NEW JOBS INVESTMENT TAX CREDIT

Note: All items pertain only to New Jersey factors. Refer to the specific line item instructions for Part II before completing this

section.

4. Enter the amounts of the qualified investments made during the current tax year:

(a) 3 year life ____________________ x 0.35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4(a)

(b) 5 year life ____________________ x 0.70 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4(b)

(c) 7 year or more life _____________________ x 1.00 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4(c)

5. Add lines 4(a) through 4(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6. (a) Enter the average New Jersey employment for this tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6(a)

(b) Enter the average New Jersey employment for last tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6(b)

(c) Subtract line 6(b) from line 6(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6(c)

(d) Divide line 6(a) by 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6(d)

(e) Enter the number of eligible new jobs. (See instruction) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6(e)

(f) Enter the lesser of lines 6(c), 6(d) or 6(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6(f)

7. New Jobs Factor: (See instruction)

(a) Small or mid-sized business taxpayers - divide line 6(f) by 5 with no remainder.

Other taxpayers - divide line 6(f) by 50 with no remainder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7(a)

(b) For small or mid-sized business taxpayers, multiply line 7(a) by 0.01. For other taxpayers, multiply

line 7(a) by 0.005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7(b)

enter the lesser of 0.10 or line 7(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7(c)

8. Maximum annual credit - Multiply line 5 x line 7(c) x 0.20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9. Prior year qualified investment (See instruction)

Enter the maximum annual credit as determined on line 8 of this form for:

(a) the first prior tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9(a)

(b) the second prior tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9(b)

(c) the third prior tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9(c)

(d) the fourth prior tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9(d)

10. Aggregate annual credit - Add line 8 and lines 9(a) through (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10.