Form 324 2017 Business Employment Incentive Program Tax Credit - New Jersey

Form 324 or the "Business Employment Incentive Program Tax Credit" is a form issued by the New Jersey Department of the Treasury.

The form was last revised in July 1, 2017 and is available for digital filing. Download an up-to-date fillable Form 324 in PDF-format down below or look it up on the New Jersey Department of the Treasury Forms website.

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324
NEW JERSEY CORPORATION BUSINESS TAX
FORM
(07-17)
BUSINESS EMPLOYMENT INCENTIVE PROGRAM TAX CREDIT
2017
Name as Shown on Return
Federal ID Number
NJ Corporation Number
READ THE INSTRUCTIONS BEFORE COMPLETING THIS FORM
PART I
QUALIFICATIONS
1. Does the taxpayer have a signed BEIP Tax Credit conversion Agreement executed by the New Jersey Economic
Development Authority? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
YES
NO
2. Has the taxpayer received and submitted the original tax credit certificate issued by the New
Jersey Economic Development Authority? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
YES
NO
If the answer to either question in Part I is “NO”, do not complete the rest of this form. The taxpayer is not eligible for this tax credit.
NOTE:
Otherwise, go to Part II.
PART II
CALCULATION OF THE AVAILABLE BEIP TAX CREDIT
3. Enter the total approved BEIP credit amount as reported on the attached certificate(s) for the 2017
Tax Period
a)____________________
____________________
b)____________________
____________________
c)____________________
____________________
d)____________________
____________________ . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total
3.
4. Enter line 3 on BEIP Tax Credit line of Schedule A-3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
PART III
CALCULATION OF THE ALLOWABLE CREDIT AMOUNT
5. Enter tax liability from page 1, line 9 of CBT-100 or BFC-1, or line 4 of the CBT-100S . . . . . . . . . . . . . . .
5.
6. Remaining tax liability - If line 5 is greater than line 4, subtract line 4 from line 5 . . . . . . . . . . . . . . . . . . . .
6.
7. If line 4 is greater than line 5 enter the difference here . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.
8. From line 7, enter the amount to be refunded and carry to Refundable Tax Credit line, page 1,
CBT-100, CBT-100S or BFC-1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.
324
NEW JERSEY CORPORATION BUSINESS TAX
FORM
(07-17)
BUSINESS EMPLOYMENT INCENTIVE PROGRAM TAX CREDIT
2017
Name as Shown on Return
Federal ID Number
NJ Corporation Number
READ THE INSTRUCTIONS BEFORE COMPLETING THIS FORM
PART I
QUALIFICATIONS
1. Does the taxpayer have a signed BEIP Tax Credit conversion Agreement executed by the New Jersey Economic
Development Authority? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
YES
NO
2. Has the taxpayer received and submitted the original tax credit certificate issued by the New
Jersey Economic Development Authority? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
YES
NO
If the answer to either question in Part I is “NO”, do not complete the rest of this form. The taxpayer is not eligible for this tax credit.
NOTE:
Otherwise, go to Part II.
PART II
CALCULATION OF THE AVAILABLE BEIP TAX CREDIT
3. Enter the total approved BEIP credit amount as reported on the attached certificate(s) for the 2017
Tax Period
a)____________________
____________________
b)____________________
____________________
c)____________________
____________________
d)____________________
____________________ . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total
3.
4. Enter line 3 on BEIP Tax Credit line of Schedule A-3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
PART III
CALCULATION OF THE ALLOWABLE CREDIT AMOUNT
5. Enter tax liability from page 1, line 9 of CBT-100 or BFC-1, or line 4 of the CBT-100S . . . . . . . . . . . . . . .
5.
6. Remaining tax liability - If line 5 is greater than line 4, subtract line 4 from line 5 . . . . . . . . . . . . . . . . . . . .
6.
7. If line 4 is greater than line 5 enter the difference here . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.
8. From line 7, enter the amount to be refunded and carry to Refundable Tax Credit line, page 1,
CBT-100, CBT-100S or BFC-1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.
INSTRUCTIONS FOR FORM 324
BUSINESS EMPLOYMENT INCENTIVE PROGRAM TAX CREDIT
PURPOSE OF THIS FORM — This form must be completed by any taxpayer that claims a tax credit as provided for in N.J.S.A. 34:1B-129 as
amended by P.L. 2015, c. 194 and P. L. 2016, c. 9. The credit is in lieu of an incentive grant based on a percentage of withholdings, and is
equal to the full amount of the grant. In accordance with N.J.S.A. 34:1B-129(e), an approved tax credit shall be issued in the manner and for
the amounts as follows and may only be applied in the tax period for which they are issued and shall not be carried forward.
If the credit exceeds the amount of tax liability otherwise due from a business that pays tax otherwise due under N.J.S.A. 54:10A-5, N.J.S.A.
54:18A-2 and N.J.S.A. 54:18A-3, N.J.S.A. 17:32-15, or N.J.S.A. 17B:23-5, that amount is refundable pursuant to N.J.S.A. 34:1B-129(f). A
business that does not pay taxes under N.J.S.A. 54:10A-5, N.J.S.A. 54:18A-2 and N.J.S.A. 54:18A-3, N.J.S.A. 17:32-15, or N.J.S.A.17B:23-5,
may apply with the Executive Director of the Economic Development Authority for a tax credit transfer certificate.
In order to qualify for this tax credit, the taxpayer must have received a tax credit certificate issued by the New Jersey Economic Development
Authority. If the taxpayer claims this credit on Form CBT-100, Form CBT-100S, or Form BFC-1, a completed Form 324 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 questions 1 and 2 must be “YES”. If either answer is “NO”, the taxpayer is not entitled to
the Business Employment Incentive Program Tax Credit.
The original tax credit certificate issued by the Division of Taxation, a copy of the completed CBT-100, CBT-100S or BFC-1, and a copy of the
completed Form 324 must be submitted by mail to the New Jersey Division of Taxation, Office of Legislative Analysis and Disclosure at P.O.
Box 269, Trenton, NJ 08646-0269. Failure to submit this documentation by mail will result in the delay and/or denial of the tax credit claimed.
PART II — CALCULATION OF THE AVAILABLE BUSINESS EMPLOYMENT INCENTIVE PROGRAM TAX CREDIT
Line 3 — The amount of the tax credit is equal to the amount reported on the tax credit certificate that was issued by the New Jersey Division
of Taxation.
PART III — CALCULATION OF THE ALLOWABLE CREDIT AMOUNT
(a) The allowable Business Employment Incentive Program Tax Credit is calculated in Part III. The amount of this credit is refundable, but
must be taken prior to all other credits and payments. Note that each credit has its own statutory limitations.
(b) Line 7 - List the name and the related amount of any other tax credits claimed for the period covered by the return.
(d) Line 8- Any amount of the credit in excess of their tax liability shall be refundable.

Download Form 324 2017 Business Employment Incentive Program Tax Credit - New Jersey

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