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

Form 324-IPT is a New Jersey Department of the Treasury form also known as the "Business Employment Incentive Program Tax Credit". The latest edition of the form was released in July 1, 2017 and is available for digital filing.

Download an up-to-date fillable Form 324-IPT in PDF-format down below or look it up on the New Jersey Department of the Treasury Forms website.

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FORM
324-IPT
NEW JERSEY INSURANCE PREMIUM TAX
(07-17)
BUSINESS EMPLOYMENT INCENTIVE PROGRAM TAX CREDIT
FOR CALENDAR YEAR ENDING DECEMBER 31, __________
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 or tax credit transfer certificate
issued by the New Jersey Division of Taxation? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
YES
NO
3. The taxpayer acknowledges that the original tax credit certificate or tax credit transfer certificate issued
by the New Jersey Division of Taxation must be submitted prior to credit application . . . . . . . . . . . . . . . . .
YES
NO
NOTE:
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.
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)
____________________
3.
d)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total
4. Enter Line 3 on BEIP Tax Credit Line 2 of Schedule BTC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PART III
CALCULATION OF THE ALLOWABLE CREDIT AMOUNT
5. Enter tax liability from the applicable IPT Form DEXM Page 2 Line 18, DEM Page 2 Line 19, EXM Page 3
5.
Line 42, or EM Page 3 Line 27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
6. Remaining tax liability - If Line 5 is greater than Line 4, subtract Line 4 from Line 5 . . . . . . . . . . . . . . . . . . . .
7.
7. If Line 4 is greater than Line 5, enter the difference here . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.
8. From Line 7, enter the amount to be refunded and carry to Schedule BTC Line 3. . . . . . . . . . . . . . . . . . . . .
FORM
324-IPT
NEW JERSEY INSURANCE PREMIUM TAX
(07-17)
BUSINESS EMPLOYMENT INCENTIVE PROGRAM TAX CREDIT
FOR CALENDAR YEAR ENDING DECEMBER 31, __________
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 or tax credit transfer certificate
issued by the New Jersey Division of Taxation? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
YES
NO
3. The taxpayer acknowledges that the original tax credit certificate or tax credit transfer certificate issued
by the New Jersey Division of Taxation must be submitted prior to credit application . . . . . . . . . . . . . . . . .
YES
NO
NOTE:
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.
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)
____________________
3.
d)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total
4. Enter Line 3 on BEIP Tax Credit Line 2 of Schedule BTC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PART III
CALCULATION OF THE ALLOWABLE CREDIT AMOUNT
5. Enter tax liability from the applicable IPT Form DEXM Page 2 Line 18, DEM Page 2 Line 19, EXM Page 3
5.
Line 42, or EM Page 3 Line 27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
6. Remaining tax liability - If Line 5 is greater than Line 4, subtract Line 4 from Line 5 . . . . . . . . . . . . . . . . . . . .
7.
7. If Line 4 is greater than Line 5, enter the difference here . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.
8. From Line 7, enter the amount to be refunded and carry to Schedule BTC Line 3. . . . . . . . . . . . . . . . . . . . .
INSTRUCTIONS FOR FORM
324-IPT
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 it is 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 to 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 or tax credit transfer certificate issued by the New
Jersey Division of Taxation. If the taxpayer claims this credit on Form DEM, DEXM, EM, or Form EXM, a completed Form 324-IPT must be
attached to the return to validate the claim.
PART I — QUALIFICATIONS
In order for a taxpayer 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 New Jersey Division of Taxation tax credit certificate or tax credit transfer certificate, along with a cover letter and copies of the
completed tax credit form(s) must be submitted, by mail, to the New Jersey Division of Taxation, Office of Legislative Analysis, Grants and
Disclosure (OLAGD) at P.O. Box 269, Trenton, NJ 08646-0269. The original certificates are not to be included with the return. 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 or tax credit transfer 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.
(c) Line 8- Any amount of the credit in excess of the tax liability shall be refundable.

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

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