New Jersey Recycling Equipment Tax Credit (OBSOLETE)

Recycling Equipment Tax Credit (OBSOLETE)
Form 303 - Recycling Equipment Tax Credit
FORM

303

NEW JERSEY CORPORATION BUSINESS TAX

2018

RECYCLING EQUIPMENT TAX CREDIT

(07-18, R-14)

Name as Shown on Return

Federal ID Number

NJ Corporation Number

READ THE INSTRUCTIONS ON THE REVERSE SIDE BEFORE COMPLETING THIS FORM
NOTE: The legislation governing this tax credit expired on December 31, 1996. Any unused tax credits claimed prior to January 1, 1997 are
allowable subject to the limitations set forth on this form.

PART  I QUALIFICATIONS

1. Has the taxpayer received and attached a copy of the recycling equipment certification issued by the
Department of Environmental Protection? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¨ YES
¨ NO
2. Was the recycling equipment used exclusively in New Jersey during the period covered by the tax return, or
in the case of vehicles only, primarily in New Jersey during this period? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¨ YES
¨ NO
If the answer to either question #1 or #2 is “NO”, do not complete the rest of this form. The taxpayer may not claim the recycling equipment
tax credit. Also, no tax credit may be claimed for qualified equipment which is disposed of during the period covered by the return.

PART  II

(A)

CERTIFIED RECYCLING EQUIPMENT

DESCRIPTION

(B)

MONTH & YEAR
PLACED IN
SERVICE

1.

(C)

COST

(D)

LOAN AMOUNT
FROM DEPT. OF
ENVIRONMENTAL
PROTECTION

(E)

COLUMN (C)
MINUS
COLUMN (D)

(F)

50% OF
COLUMN (E)

(G)

# OF
MONTHS
USED
IN N.J.

2.
3.
4.
5.

PART III

TOTAL

CALCULATION OF RECYCLING EQUIPMENT TAX CREDIT

1. Enter the total of column (H), PART II

1.

3. Subtract line 2 from line 1

3.

2.

2. Enter the total of column (I), PART II

4.

4. ENTER 20% (.20) OF LINE 1

5.

5. Enter the lesser of line 3 or line 4

6.

6. Enter tax liability from page 1, line 9 of CBT-100, or BFC-1, or line 4 of CBT-100S

7.

7. Enter the required minimum tax liability as indicated in instruction (b) for Part III

8.

8. Subtract line 7 from line 6

9. Tax credits taken on current year’s return if applicable:
a)______________________________

______________________________

c)______________________________

______________________________

b)______________________________
d)______________________________

______________________________
______________________________

Total

10. Subtract line 9 from line 8. If the result is less than zero, enter zero . . . . . . . . . . . . . . . . . . . .
11. Allowable credit for the current tax period - Enter the lesser of line 5 or line 10 here and on

Schedule A-3 of the CBT-100, the CBT-100S or the BFC-1. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.

10.
11.

(H)

COLUMN (F) X
COLUMN (G)
DIVIDED
BY 12

(I)

CREDIT USED
IN PRIOR
YEARS

Form 303 (07-18, R-14)

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 cannot exceed an amount which would reduce the
total tax liability below the statutory minimum. Taxpayers claiming multiple credits must list any credits already applied
to the tax liability to ensure accuracy of the calculation for maximum credit allowable.
b) The minimum tax is assessed based on the New Jersey Gross Receipts as follows:
New Jersey Gross Receipts

Less than $100,000
$100,000 or more but less than $250,000
$250,000 or more but less than $500,000
$500,000 or more but less than $1,000,000
$1,000,000 or more

CBT-100

$500.00
$750.00
$1,000.00
$1,500.00
$2,000.00

CBT-100S

$375.00
$562.00
$750.00
$1,125.00
$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.
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.