Form BFC-1 "Corporation Business Tax Return for Banking and Financial Corporations" - New Jersey

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FORM
State of New Jersey
BFC-1
CORPORATION BUSINESS TAX RETURN
10-17
FOR BANKING AND FINANCIAL CORPORATIONS
For Accounting Years Ending July 31, 2017 through June 30, 2018
For Calendar Year Ended ___________________________________
Taxable year beginning _____________________, ________ and ending ______________________, ________
DUE DATE:
File on or before April 15 if on a calendar year basis.
TAX REMITTANCE DUE WITH RETURN: Make remittance payable to “State
For fiscal year, see instruction 3. Banking corporations are
of New Jersey” and forward with this return to: Division of Taxation-BFC,
required to file on a calendar year basis.
Revenue Processing Center, PO Box 247, Trenton, NJ 08646-0247
Check if address change appears below ¨
TYPE OR PRINT
State and date of incorporation ______________________________
Check one: ¨ Banking Corporation
¨ Financial Corporation
Date authorized to do business in NJ__________________________
Federal Employer ID Number
Federal business activity code_______________________________
_________________________________________________________________________________
Corporation books are in the care of __________________________
Name
at___________________________________________________
_________________________________________________________________________________
Mailing Address
Telephone Number (
) ____________________________
_________________________________________________________________________________
DIVISION USE
City
State
Zip Code
D
RP
TP
A____________________________
_________________________________________________________________________________
F
FP
AA
R____________________________
1. Entire net income from Schedule A, Line 39 (if a net loss, enter zero) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
2. Allocation factor from Schedule J. Non-allocating taxpayers enter 1.000000. . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
3. Allocated net income – Multiply Line 1 by Line 2. Non-allocating taxpayers must enter the amount from Line 1
3.
4. a) Total nonoperational income $___________________________ (Schedule O, Part I) (see instruction 37)
b) Allocated New Jersey nonoperational income (Schedule O, Part III) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4(b).
5. Total operational and nonoperational income (Line 3 plus Line 4(b)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.
6. Investment Company – not applicable.
7. Real Estate Investment Trust – not applicable.
8. Tax Base – Enter amount from Line 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.
9. Amount of Tax – Multiply Line 8 by the applicable tax rate (see instruction 11(a)) . . . . . . . . . . . . . . . . . . . . . . .
9.
10. Tax Credits (from Schedule A-3) (see instruction 19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.
11. TOTAL CBT TAX LIABILITY – Line 9 minus Line 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.
12. Alternative Minimum Assessment (Schedule AM, Part VI, Line 5) ¨ Check and enter zero if AMA paid by a
Key Corporation (see instruction 24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.
13. Tax Due (greater of Line 11 or 12 or minimum tax due from Schedule A-GR or instruction 11(b)) . . . . . . . . . . 13.
14. Key Corporation AMA Payment (Form 401, Part II, Line 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.
15. Subtotal – (Sum of Lines 13 and 14) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.
16. Installment Payment – (Only applies if Line 13 is $500 - see instruction 44) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.
17. Professional Corporation Fees (Schedule PC, Line 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.
18. TOTAL TAX AND PROFESSIONAL CORPORATION FEES (Sum of Lines 15, 16, and 17) . . . . . . . . . . . . . . . 18.
19. Payments & Credits (see instruction 45) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.
a) Payments made by Partnerships on behalf of taxpayer (attach copies of NJK-1’s) . . . . . . . . . . . . . . . . . . . 19a.
b) Refundable tax credits (see instructions 45(f)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19b.
20. Balance of Tax Due – Line 18 minus Line 19, 19(a) and 19(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.
21. Penalty and Interest Due – (see instructions 7(f) and 46) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.
22. Total Balance Due – Line 20 plus Line 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.
DIVISION USE
23. If Line 19 plus 19(a) plus 19(b) is greater than Line 18 plus Line 21, enter
$
the amount of overpayment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credited to 2018 return
Refunded
24. Amount of Item 23 to be
$
$
I declare, under the penalties provided by law, that this return (including any accompanying schedules and statements) has been examined by me and to the best of my
knowledge and belief is a true, correct, and complete return. If the return is prepared by a person other than the taxpayer, his or her declaration is based on all the information
relating to the matters required to be reported in the return of which he or she has knowledge.
____________________________________________________________________________________________________________________________________________
(Date)
(Signature of Duly Authorized Officer of Taxpayer)
(Title)
____________________________________________________________________________________________________________________________________________
(Date)
(Signature of Individual Preparing Return)
(Address)
(Preparer’s ID Number)
____________________________________________________________________________________________________________________________________________
(Name of Tax Preparer’s Employer)
(Address)
(Employer’s ID Number)
FORM
State of New Jersey
BFC-1
CORPORATION BUSINESS TAX RETURN
10-17
FOR BANKING AND FINANCIAL CORPORATIONS
For Accounting Years Ending July 31, 2017 through June 30, 2018
For Calendar Year Ended ___________________________________
Taxable year beginning _____________________, ________ and ending ______________________, ________
DUE DATE:
File on or before April 15 if on a calendar year basis.
TAX REMITTANCE DUE WITH RETURN: Make remittance payable to “State
For fiscal year, see instruction 3. Banking corporations are
of New Jersey” and forward with this return to: Division of Taxation-BFC,
required to file on a calendar year basis.
Revenue Processing Center, PO Box 247, Trenton, NJ 08646-0247
Check if address change appears below ¨
TYPE OR PRINT
State and date of incorporation ______________________________
Check one: ¨ Banking Corporation
¨ Financial Corporation
Date authorized to do business in NJ__________________________
Federal Employer ID Number
Federal business activity code_______________________________
_________________________________________________________________________________
Corporation books are in the care of __________________________
Name
at___________________________________________________
_________________________________________________________________________________
Mailing Address
Telephone Number (
) ____________________________
_________________________________________________________________________________
DIVISION USE
City
State
Zip Code
D
RP
TP
A____________________________
_________________________________________________________________________________
F
FP
AA
R____________________________
1. Entire net income from Schedule A, Line 39 (if a net loss, enter zero) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
2. Allocation factor from Schedule J. Non-allocating taxpayers enter 1.000000. . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
3. Allocated net income – Multiply Line 1 by Line 2. Non-allocating taxpayers must enter the amount from Line 1
3.
4. a) Total nonoperational income $___________________________ (Schedule O, Part I) (see instruction 37)
b) Allocated New Jersey nonoperational income (Schedule O, Part III) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4(b).
5. Total operational and nonoperational income (Line 3 plus Line 4(b)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.
6. Investment Company – not applicable.
7. Real Estate Investment Trust – not applicable.
8. Tax Base – Enter amount from Line 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.
9. Amount of Tax – Multiply Line 8 by the applicable tax rate (see instruction 11(a)) . . . . . . . . . . . . . . . . . . . . . . .
9.
10. Tax Credits (from Schedule A-3) (see instruction 19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.
11. TOTAL CBT TAX LIABILITY – Line 9 minus Line 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.
12. Alternative Minimum Assessment (Schedule AM, Part VI, Line 5) ¨ Check and enter zero if AMA paid by a
Key Corporation (see instruction 24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.
13. Tax Due (greater of Line 11 or 12 or minimum tax due from Schedule A-GR or instruction 11(b)) . . . . . . . . . . 13.
14. Key Corporation AMA Payment (Form 401, Part II, Line 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.
15. Subtotal – (Sum of Lines 13 and 14) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.
16. Installment Payment – (Only applies if Line 13 is $500 - see instruction 44) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.
17. Professional Corporation Fees (Schedule PC, Line 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.
18. TOTAL TAX AND PROFESSIONAL CORPORATION FEES (Sum of Lines 15, 16, and 17) . . . . . . . . . . . . . . . 18.
19. Payments & Credits (see instruction 45) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.
a) Payments made by Partnerships on behalf of taxpayer (attach copies of NJK-1’s) . . . . . . . . . . . . . . . . . . . 19a.
b) Refundable tax credits (see instructions 45(f)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19b.
20. Balance of Tax Due – Line 18 minus Line 19, 19(a) and 19(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.
21. Penalty and Interest Due – (see instructions 7(f) and 46) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.
22. Total Balance Due – Line 20 plus Line 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.
DIVISION USE
23. If Line 19 plus 19(a) plus 19(b) is greater than Line 18 plus Line 21, enter
$
the amount of overpayment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credited to 2018 return
Refunded
24. Amount of Item 23 to be
$
$
I declare, under the penalties provided by law, that this return (including any accompanying schedules and statements) has been examined by me and to the best of my
knowledge and belief is a true, correct, and complete return. If the return is prepared by a person other than the taxpayer, his or her declaration is based on all the information
relating to the matters required to be reported in the return of which he or she has knowledge.
____________________________________________________________________________________________________________________________________________
(Date)
(Signature of Duly Authorized Officer of Taxpayer)
(Title)
____________________________________________________________________________________________________________________________________________
(Date)
(Signature of Individual Preparing Return)
(Address)
(Preparer’s ID Number)
____________________________________________________________________________________________________________________________________________
(Name of Tax Preparer’s Employer)
(Address)
(Employer’s ID Number)
Page 2
BFC-1 (10-17)
SCHEDULE A
Computation of Entire Net Income (Instruction 16). Every corporation must complete Lines 1-39 of this
schedule.
GROSS INCOME
1. Gross receipts or sales ________________________ less returns and allowances_____________________ ____
1.
2. Less: Cost of goods sold and/or operations (Schedule A-2, Line 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
3. Gross profit – subtract Line 2 from Line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.
4. Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
5. Interest:
(a) On obligations of the United States and U.S. Instrumentalities . . . . . . . . . . . . . . .5(a)_____________________
(b) Other interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5(b)_____________________
5.
6. Gross rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
7. Gross royalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.
8. Capital gain net income (attach separate Federal Schedule D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.
9. Net gain or (loss) from Federal Form 4797 (attach Federal Form 4797) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
10. Other income (attach Schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10.
11. TOTAL Income – Add Lines 3 through 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11.
DEDUCTIONS
12. Compensation of officers (Schedule F) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12.
13. Salaries and wages _______________________ less Jobs Credit _______________________ . . . . . . . . . .Balance
13.
14. Repairs (Do not include capital expenditures) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14.
15. Bad debts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15.
16. Rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16.
17. Taxes (Schedule H) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17.
18. Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18.
19. Contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19.
20a. Depreciation from Federal Form 4562 (attach copy) . . . . . . . . . . . . . . . . . . . . . . . . . .20(a) ____________________
20b. Less depreciation claimed in Schedule A and elsewhere on return . . . . . . . . . . . . . .20(b) (___________________) 20(c).
21. Depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21.
22. Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22.
23. Pension, profit-sharing plans, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23.
24. Employee benefit programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24.
25. Domestic production activities deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25.
26. Other deductions (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26.
27. TOTAL deductions – Add Lines 12 through 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27.
28. Taxable income before net operating loss deduction and special deductions (Line 11 less Line 27 must agree with
Line 28, page 1 of Unconsolidated Federal Form 1120). 1120S filers that have not elected to be New Jersey S
Corporations (see instructions 8(b) and 16(c)). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28.
ADJUSTMENTS – LINES 29 - 39 MUST BE COMPLETED ON THIS FORM
29. Interest on federal, State, municipal and other obligations not included in Item 5 above
(see instruction 16(d)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29.
30. Related interest addback (Schedule G, Part I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30.
31. New Jersey State and other states taxes deducted above (see instruction 16(f)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31.
32. Depreciation and other adjustments from Schedule S (see instruction 42) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32.
33. (a) Deduction for Section 78 Gross-up not deducted at Line 37 below . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33(a).
(b) Other deductions and additions. Explain on separate rider. (see instruction 16(h)) . . . . . . . . . . . . . . . . . . . . . . . . 33(b).
(c) Elimination of nonoperational activity (Schedule O, Part I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33(c).
(d) Interest, intangible expenses, and costs addback (Schedule G, Part II) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33(d).
34. Entire net income, before net operating loss deduction and dividend exclusion (total of Lines 28
through 33 inclusive) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34.
35. Net operating loss deduction from Form 500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35.
36. Entire net income before dividend exclusion (Line 34 minus Line 35) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36.
37. Dividend Exclusion from Schedule R, Line 7. (see instruction 16(j)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37.
38. I.B.F. Exclusion. (see instruction 16(k)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38.
39. ENTIRE NET INCOME  (Line 36 minus Line 37 and Line 38 – Carry to Page 1, Line 1) . . . . . . . . . . . . . . . . . . . . . . .
39.
BFC-1 (10-17)
Page 3
Name
Federal ID Number
SCHEDULE A-1
NET OPERATING LOSS DEDUCTION AND CARRYOVER
NOTE: SCHEDULE A-1 HAS BEEN REPLACED BY FORM 500. NET OPERATING LOSSES MUST BE DETAILED ON FORM 500, WHICH
IS AVAILABLE SEPARATELY. TO OBTAIN THIS FORM AND RELATED INFORMATION, REFER TO THE INDEX ON PAGE 13.
SCHEDULE A-2
COST OF GOODS SOLD (See Instruction 18)
1. Inventory at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
2. Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
3. Cost of labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.
4. Additional Section 263A costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
5. Other costs (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.
6. Total – Add Lines 1 through 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
7. Inventory at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.
8. Cost of goods sold – Subtract Line 7 from Line 6. Enter here and on Schedule A, Line 2 . . . . . . . .
8.
SCHEDULE A-3
SUMMARY OF TAX CREDITS (See Instruction 19)
1. Angel Investor Tax Credit from Form 321 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
2. Grow NJ Tax Credit from Form 320 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
3: Wind Energy Facility from Form 322 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.
4. Urban Transit Hub Tax Credit from Form 319 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
5. Business Retention and Relocation Tax Credit from Form 316 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.
6. Neighborhood Revitalization State Tax Credit from Form 311 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
7. Film Production Tax Credit from Form 318 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.
8. Sheltered Workshop Tax Credit from Form 317 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.
9. AMA Tax Credit from Form 315 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
10. Economic Recovery Tax Credit from Form 313 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.
11. Effluent Equipment Tax Credit from Form 312 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.
12. HMO Assistance Fund Tax Credit from Form 310 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.
13. Small New Jersey-Based High-Technology Business Investment Tax Credit from Form 308 . . . . . . 13.
14. New Jobs Investment Tax Credit from Form 304 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.
15. Manufacturing Equipment and Employment Investment Tax Credit from Form 305 . . . . . . . . . . . . . 15.
16. Research and Development Tax Credit from Form 306 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.
17. Recycling Equipment Tax Credit from Form 303 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.
18. Redevelopment Authority Project Tax Credit from Form 302 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.
19. EITHER:
a) Urban Enterprise Zone Employee Tax Credit from Form 300 . . . . . . . . . . . . . . . . .
OR
b) Urban Enterprise Zone Investment Tax Credit from Form 301 . . . . . . . . . . . . . . . . 19.
20. Residential Economic Redevelopment and Growth Tax Credit from Form 323 . . . . . . . . . . . . . . . . . 20.
21. Business Employment Incentive Program Tax Credit from Form 324 . . . . . . . . . . . . . . . . . . . . . . . . 21.
22. Public Infrastructure Tax Credit from Form 325 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.
23. Other Tax Credits (see instruction 41(w)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.
24. Total tax credits taken on this return – Add Lines 1 through 23. Enter here and on Page 1, Line 10
24.
Page 4
BFC-1 (10-17)
SCHEDULE A-4
SUMMARY SCHEDULE (See Instruction 20)
Net Operating Loss Deduction and Carryover
1. Form 500, Line 7 minus Line 9 . . . . . . . . . . . . 1.
6. Schedule J, Part II, Line 1(h) . . . . . . . . . . . . . 6.
Interest and Intangible Costs and Expenses
Net Operational Income Information
2. Schedule G, Part I, Line b . . . . . . . . . . . . . . . 2.
7. Schedule O, Part III, Line 31 . . . . . . . . . . . . . 7.
Dividend Exclusion Information
3. Schedule G, Part II, Line b . . . . . . . . . . . . . . . 3.
8. Schedule R, Line 4 . . . . . . . . . . . . . . . . . . . .
8.
Schedule J Information
4. Schedule J, Part II, Line 1(f) . . . . . . . . . . . . . . 4.
9. Schedule R, Line 6 . . . . . . . . . . . . . . . . . . . .
9.
Schedule A-GR Information
5. Schedule J, Part II, Line 1(g) . . . . . . . . . . . . . 5.
10. Schedule A-GR, Line 6 . . . . . . . . . . . . . . . . 10.
BFC-1 (10-17)
Page 5
NAME AS SHOWN ON RETURN
FEDERAL ID NUMBER
SCHEDULE A-5
FEDERAL IRC SECTION 199 ADJUSTMENT (See Instruction 21)
1. Federal Section 199 Domestic Production expensed in arriving at federal taxable income . . . . . . . . . . . . . . . . . .
1.
2. Less: New Jersey Separate Entity Domestic Production allowed from Form 501 . . . . . . . . . . . . . . . . . . . . . . . . .
2.
3. Net Section 199 adjustment – Line 1 minus Line 2. Include on Schedule A, Line 33(b) . . . . . . . . . . . . . . . . . . . .
3.
SCHEDULE A-6
GROSS INCOME TEST FOR FINANCIAL BUSINESSES (See Instruction 22)
Qualifying financial businesses must file this form along with their tax return Form BFC-1
This form is used to determine whether a corporation qualifies as a Financial Business Corporation. For the purpose of making this computation, Column
1 shall be the sum of the amounts reported on Line 1 and Lines 4 through 10 of Schedule A on Form CBT-100 or BFC-1, adjusted for interest on federal,
State, municipal and other obligations not included on Line 5 of Schedule A and the dividend exclusion. Column 2 shall be the gross income included in
Column 1, which was derived from the following financial activities:
1) Discounting and negotiating promissory notes, drafts, bills of exchange and other evidences of debt;
2) Buying and selling exchange;
3) Making of or dealing in secured or unsecured loans and discounts;
4) Dealing in securities or shares of corporate stock by purchasing and selling such securities and stock without recourse, solely upon the order and for
the account of customers;
5) Investing and reinvesting in marketable obligations evidencing indebtedness of any person, copartnership, association, or corporation in the form of
bonds, notes, or debentures commonly known as investment securities; or
6) Dealing in or underwriting obligations of the United States, any state or any political subdivision thereof or of a corporate instrumentality of any of them.
7) Certain leasing transactions which approximate secured loans by meeting each of the following requirements:
i. Lessor must look primarily to the creditworthiness of the lessee in order to recover its investment.
ii. Lessor may not rely on repetitious leasing of the same property.
iii. The lease must be a net lease.
iv. The lessor must recover its full investment plus its cost of financing through the rental payments, tax benefits, and the residual value of the
property.
See N.J.A.C 18:7-1.16(b) for additional information regarding leasing transactions.
Column 2
Column 1
Gross Income Financial
From Schedule A of the CBT-100 or BFC-1
Gross Income – Overall
Activities
Line 1
Gross receipts
Line 4
Dividends
Line 5
Interest
Line 6
Gross rents
Line 7
Gross royalties
Line 8
Capital gain net income
Line 9
Net gain or loss from Federal Form 4797
Line 10
Other income
TOTAL
Add:
Interest on federal, State, municipal and other obligations not included in Line 5
Subtotal
Deduct:
Dividend exclusion from Schedule R of CBT-100 or BFC-1
GROSS INCOME
Divide the gross income from Column 2 by the gross income from Column 1 and enter the result ________________________%
If the resulting percentage is less than 75%, the corporation does not qualify as a Financial Business and must file a Corporation Business Tax
Return, Form CBT-100.
If the resulting percentage is 75% or more, the corporation qualifies as a Financial Business and must file a Corporation Business Tax Return for
Banking and Financial Corporations, Form BFC-1, and complete Schedule L, apportioning the financial business in New Jersey consistent with N.J.S.A.
54:10A-38 (section 38 of the Corporation Business Tax Act).
This schedule must be attached to the BFC-1 filed by the taxpayer.