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New Jersey AMA Tax Credit
Extracted from PDF file 2023-new-jersey-form-315.pdf, last modified October 2023AMA Tax Credit
FORM 315 New Jersey Corporation Business Tax AMA Tax Credit 2023 Name as Shown on Return Federal ID Number Unitary ID Number, if applicable NU Read the instructions before completing this form Combined Return Filers The taxpayer is included as a taxable member on a New Jersey combined return. See instructions. Fill in oval if member is not sharing its credit with other members of the group. Part I Calculation of the Allowable Credit Amount and Carryover (Combined return filers DO NOT complete Part I. Continue with Part II.) 1. Enter AMA Tax Credit carried over from prior year............................................................................. 1. 2. Enter tax liability from page 1, line 2a of CBT-100 or CBT-100S........................................................ 2. 3. Enter the required minimum tax liability (see instructions)...................................................................... 3. 4. Subtract line 3 from line 2................................................................................................................... 4. 5. Enter 50% of the tax liability reported on line 2.................................................................................. 5. 6. Enter the lesser of line 4 or line 5....................................................................................................... 6. 7. Other tax credits used by taxpayer on current year’s return (see instructions): (a) (b) (c) (d) .......................................Total 7. 8. Subtract line 7 from line 6. If zero or less, enter zero......................................................................... 8. 9. Allowable credit for the current tax period. Enter the lesser of line 1 or line 8 here and on Schedule A-3, Part I of the CBT-100 or CBT-100S............................................................................. 9. 10. Amount of credit carryover to following year’s return (subtract line 9 from line 1).............................. 10. Name as Shown on Return Part II Federal ID Number Unitary ID Number, if applicable NU Calculation of Allowable Credit Amount and Carryover – Combined Return Filers ONLY Section A – ALL Combined Return Filers 11. Enter AMA Tax Credit carried over from prior year............................................................................... 11. 12. Enter the group tax liability from Schedule A, Section II, Part III, line 4a, column (c) of CBT-100U..... 12. 13. Enter the aggregate minimum tax of combined group members (see instructions).................................. 13. 14. Subtract line 13 from line 12................................................................................................................. 14. 15. Enter 50% of the tax liability reported on line 12.................................................................................. 15. 16. Enter the lesser of line 14 or line 15..................................................................................................... 16. 17. Other tax credits used by combined group on current year’s return (see instructions): (a) (b) (c) (d) .......................................Total 17. 18. Subtract line 17 from line 16. If zero or less, enter zero...................................................................... 18. 19. Allowable credit for the current tax period. Enter the lesser of line 11 or line 18. If sharing, also enter in the member’s column of Schedule A-3, Part I of the CBT-100U............................................ 19. If SHARING credit, complete line 20. If NOT sharing credit, skip line 20 and complete Section B. 20. Amount of credit carryover to following year’s return (subtract line 19 from line 11)........................... 20. Section B – Combined Return Filers NOT Sharing Credit 21. a) Enter combined group tax liability from line 12............................. 21a. b) Divide line 21a by the combined group allocation factor from Schedule J, line 9......................................................................... 21b. c) Member’s share of combined group tax liability – Multiply line 21b by member’s allocation factor from Schedule J, line 9................................................................................................................... 21c. 22. Required minimum tax liability............................................................................................................. 22. 23. Subtract line 22 from line 21c.............................................................................................................. 23. 24. Enter 50% of the tax liability reported on line 21c............................................................................... 24. 25. Enter the lesser of line 23 or line 24.................................................................................................... 25. 26. Other tax credits used by taxpayer on current year’s return (see instructions): (a) (b) (c) (d) ........................................Total 26. 27. Subtract line 26 from line 25. If zero or less, enter zero...................................................................... 27. 28. Allowable credit for the current tax period. Enter the lesser of line 19 or line 27 here and in the member’s column of Schedule A-3, Part I of the CBT-100U............................................................... 28. 29. Amount of credit carryover to following year’s return (subtract line 28 from line 11)........................... 29. 2,000 Instructions for Form 315 AMA Tax Credit For tax periods beginning on or after January 1, 2002, if a taxpayer incurs an AMA (Alternative Minimum Assessment) liability in excess of the regular CBT liability, the excess may be carried over to subsequent years and used as a credit against the regular CBT liability. The carryovers never expire. There are, however, limitations as to how much credit can be taken on any single return. Note: To claim the credit, the AMA must have been required and paid by the taxpayer. A taxpayer that was not required to pay the AMA cannot claim a credit. New Jersey S corporations that formerly filed as C corporations and had an AMA liability can take the AMA credit on the CBT-100S tax return subject to the same rules as stated above. To calculate the allowable credit and carryover, taxpayers filing Forms CBT-100 or CBT-100S complete Part I and CBT-100U filers complete Part II. Note: The AMA credit cannot be generated by a taxpayer for tax years beginning on and after August 1, 2018 (ending on and after July 31, 2019). Combined Return Filers If filing a combined return, this form must be completed by the member that earned the credit. All combined return filers must check the combined return filers box at the top of the form and complete Part II, Section A. Members Opting Not to Share. In general, tax credits are earned by a member of the combined group and are shareable with the combined group. However, members are not required to share their credits. See N.J.S.A. 54:10A-4.6.i and TB-90(R), Tax Credits and Combined Returns. In addition to Section A, members that choose not to share must also complete Part II, Section B and fill in the oval at the top of the form to indicate they are not sharing the credit. Taxpayers must include the appropriate credit form in the year the credit was earned even if they are not claiming the credit on their tax return. Part I – Calculation of the Allowable Credit Amount and Carryover (for CBT-100 and CBT-100S Filers only) For CBT-100 and CBT-100S filers, the allowable AMA Tax Credit for the current year is calculated in Part I. Combined return filers do not complete Part I, and must complete Part II instead. The amount of this credit in addition to the amount of any other tax credits is limited to 50% of the taxpayer’s total tax liability and cannot exceed an amount that would reduce the total tax liability below the statutory minimum. Line 3 – The minimum tax is assessed based on the New Jersey Gross Receipts as follows: New Jersey Gross Receipts Less than $100,000 CBT-100 CBT-100S $500 $375 $100,000 or more but less than $250,000 $750 $562 $250,000 or more but less than $500,000 $1,000 $750 $500,000 or more but less than $1,000,000 $1,500 $1,125 $1,000,000 or more $2,000 $1,500 If a taxpayer is filing a separate return and is a member of an affiliated or controlled group that has a total payroll of $5,000,000 or more for the return period, the minimum tax is $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. Line 7 – Taxpayers claiming multiple credits must list any credits already applied to the tax liability to ensure accuracy of the calculation for maximum credit allowable. Part II – Calculation of the Allowable Credit Amount and Carryover for Combined Return Filers For CBT-100U filers, the total and allowable AMA Tax Credit for the current year is calculated in Part II. All combined return filers must complete Section A. Members that choose not to share their credit must also complete Section B. Section A – To be completed by ALL combined return filers This section calculates the amount of credit allowable for the group. If a member chooses not to share their credit with the group, Section A must still be completed to ensure the credit allowed for the member does not exceed the amount that would otherwise be allowed against the group tax liability. The amount of the credit calculated in this section cannot exceed 50% of the group tax liability otherwise due and cannot reduce the tax liability to an amount less than the aggregate statutory minimum tax of the group members. Line 13 – Multiply the number of taxable group members by $2,000 and enter the result. Line 17 – Combined groups claiming multiple credits must list any credits already applied to the group tax liability to ensure accuracy of the calculation for maximum credit allowable. Section B This section is used to calculate the amount of credit allowable for members that choose not to share their credit with the group. Section B is completed based on the member’s share of the group tax liability. The amount of the credit calculated in this section cannot exceed 50% of the member’s tax liability otherwise due and cannot reduce the tax liability to an amount less than $2,000. The amount of the credit is also limited to the amount that would otherwise be allowed against the group tax liability if the member had been sharing the credit. Line 26 – Members claiming multiple credits must list any credits already applied to the member’s tax liability to ensure accuracy of the calculation for maximum credit allowable.
Form 315 AMA Tax Credit
More about the New Jersey Form 315 Corporate Income Tax Tax Credit TY 2023
We last updated the AMA Tax Credit in January 2024, so this is the latest version of Form 315, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 315 directly from TaxFormFinder. You can print other New Jersey tax forms here.
Other New Jersey Corporate Income Tax Forms:
TaxFormFinder has an additional 95 New Jersey income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form CBT-200-T | Corporation Business Tax Tentative Return and Application |
| Form NJ-1041 | Fiduciary Return Form |
| Form CBT-160-A | Underpayment of Estimated NJ Corporation Business Tax For Taxpayers with Gross Receipts less than $50,000,000 |
| Form DCC-1 | Document Control Center Request Form |
| Form CBT-150 | Estimated Tax Vouchers for Corporations |
View all 96 New Jersey Income Tax Forms
Form Sources:
New Jersey usually releases forms for the current tax year between January and April. We last updated New Jersey Form 315 from the Division of Revenue in January 2024.
Form 315 is a New Jersey Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of New Jersey Form 315
We have a total of thirteen past-year versions of Form 315 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form 315
Form 315 AMA Tax Credit
2022 Form 315
Form 315 AMA Tax Credit
2021 Form 315
2021 AMA Tax Credit
2017 Form 315
Form 315 - AMA Tax Credit
2016 Form 315
Form 315 - AMA Tax Credit
2015 Form 315
Form 315 - AMA Tax Credit
2011 Form 315
315-2011p.qxp
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