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New Jersey Sheltered Workshop Tax Credit
Extracted from PDF file 2023-new-jersey-form-git-317.pdf, last modified November 2023Sheltered Workshop Tax Credit
New Jersey Gross Income Tax Form GIT-317 Tax Year: 2023 Part I Sheltered Workshop Tax Credit For Return Periods Beginning January 1, 2023 Identification Entity Name Federal ID Number Check Entity Type Part II Partnership Sole Proprietorship NJ Allocated Income Limited Liability Company Qualifications 1. Is each employee for which a credit is claimed a “Qualified Person” in accordance with P.L. 2005, c. 318?....................................................................................................................................................... Yes No 2. Did each employee for which a credit is claimed work for at least 26 weeks during the privilege period and work at least 25 hours per week at or under the supervision of a sheltered workshop?.......................... Yes No Note: If the answer to either of the above questions is no, do not complete the rest of this form. The taxpayer does not qualify for the sheltered workshop tax credit. Otherwise, go to Part III. Part III Calculation of the Available Sheltered Workshop Tax Credit (A) Social Security Number (B) Name (C) Total Wages (D) 20% of Column C – Max $1,000 1. 2. 3. 4. Available Sheltered Workshop Tax Credit (Add lines 1, 2, 3, and 4)......................................... * If there are more names, attach a schedule corresponding to Part III. Part IV Calculation of the Allowable Credit Amount 1. Carryover credit from prior years (Not applicable in first year).................................................. 1. 2. Available current year Sheltered Workshop Tax Credit (Total from Part III or NJK-1)................ 2. 3. Total Sheltered Workshop Tax Credits (Add lines 1 and 2)....................................................... 3. 4. NJ allocated income (From Part I above).................................................................................. 4. 5. NJ Gross Income....................................................................................................................... 5. 6. Percentage (Divide line 4 by line 5)........................................................................................... 6. 7. NJ Tax after credit for taxes paid to other jurisdictions.............................................................. 7. 8. Apportioned NJ tax (Multiply line 7 by line 6)............................................................................ 8. 9. Maximum Allowable Credit (Multiply line 8 by 50%).................................................................. 9. 10. New Jersey Earned Income Tax Credit..................................................................................... 10. 11. Allowable credit (Subtract line 10 from line 9. Do not enter less than zero.)............................. 11. 12. Current year credit (Lesser of line 11 or line 3)......................................................................... 12. 13. Carryover credit (Subtract line 12 from line 3)........................................................................... 13. Form GIT-317 Page 2 Part V Sheltered Workshop Tax Credit Carryover Worksheet Complete this schedule if the allowable tax credit is less than the total credit available for the current year or if a tax credit was carried forward from a previous tax year. Read the instructions for Part V before completing this schedule. (A) Entity Name Check Entity Type (B) Federal ID Number Partnership A 2016 B 2017 Sole Proprietorship C 2018 D 2019 E 2020 Limited Liability Company F 2021 1. Enter the tax credit calculated for each tax year* 2. Enter the amount used in tax year: a) 2016 b) 2017 c) 2018 d) 2019 e) 2020 f) 2021 g) 2022 h) 2023 3. Carryover amount Line 1 minus lines 2(a) through 2(h) 4. Total tax credit carryover, total of line 3, columns A through H......................................................................... * Exclude the amount of any tax credit carried over from a prior tax year. G 2022 H 2023 Form GIT-317 Instructions for Form GIT-317 Sheltered Workshop Tax Credit Part I: Identification Enter the entity’s name, its federal employer identification number, and the amount of New Jersey allocated income that is earned, received, or acquired from sources within this state for this entity. Check the appropriate box showing entity type. Part II: Qualifications Check boxes for questions 1 and 2. If either of the “No” boxes is checked, do not complete the rest of this form. The taxpayer does not qualify for this credit. Part III: Calculation of the Available Credit Amount Sole Proprietorship. Complete Part III as follows: A. Enter the Social Security number of each qualified person employed by your business. B. Enter the name of each qualified person employed by your business. C. Enter the salary and wages paid during the tax year. D. Enter the lesser of 20% of column C or $1,000 per qualified person. E. Complete Part IV (see instructions). Partnership. Skip Part III and complete Part IV to calculate the credit (see instructions). Limited Liability Company. Complete Part III as follows: A. LLCs that consist of one member follow the sole proprietorship instructions. B. LLCs that consist of more than one member follow the partnership instructions. If you have more than one entity, add line 12 from each GIT-317 and enter on line 46 of Form NJ-1040, line 43 of Form NJ-1040NR, or line 30 of Form NJ-1041. The credit otherwise allowable that cannot be taken this year due to limitations may be carried over to the next seven tax years following the original tax year for which this credit was allowed. Part IV: Calculation of The Allowable Credit Amount Line 1 – Carryover credit from prior years Enter the amount from line 13, Part IV of the prior year’s GIT-317. Line 2 – Available Current Year Sheltered Workshop Tax Credit If the entity is a sole proprietorship or a limited liability company with a single member, enter total of available Sheltered Workshop Tax Credit from Part III of current year’s GIT-317. If the entity is a partnership or a limited liability company with more than one member, enter the amount from the NJK-1. Line 3 – Total Sheltered Workshop Tax Credits Add lines 1 and 2 and enter the total. Line 4 – NJ allocated income Enter the amount of NJ Allocated Income from Part I. Line 5 – NJ Gross Income Enter the amount of New Jersey gross income from line 29 of Form NJ-1040, line 29 of Form NJ-1040NR, or line 14 of Form NJ-1041. Line 6 – Percentage Divide line 4 by line 5 and enter the result. Carry the result to 6 decimal places (.123456 or 12.3456%) Line 7 – NJ Tax (after credit for taxes paid to other jurisdictions) Enter amount of NJ Tax after the credit for taxes paid to other jurisdictions from line 45 of Form NJ-1040, line 42 of Form NJ-1040NR, or line 29 of Form NJ-1041. Line 8 – Apportioned NJ tax Multiply line 7 by line 6 and enter the result. Line 9 – Maximum Allowable Credit Multiply line 8 by 50% and enter the result. Line 10 – New Jersey Earned Income Tax Credit Take this amount from line 58 of Form NJ-1040 (this credit is only allowable to NJ residents). If taxpayer is including more than one entity, the NJEITC should be prorated based on the combined NJ allocated income. Line 11 – Allowable credit Subtract line 10 from line 9 and enter the result. If zero or less, make no entry. Line 12 – Current year credit Enter the lesser of line 3 or line 11. Line 13 – Carryover credit Subtract line 12 from line 3 and enter the result. Part V: Sheltered Workshop Tax Credit Carryover Worksheet The amount of the tax credit that cannot be applied to the current tax period due to the applicable limitations can be carried over to the seven privilege periods following the privilege period for which the credit was allowed. Complete this worksheet to validate the tax credit carryover amount.
2023 Form GIT-317 Sheltered Workshop Tax Credit
More about the New Jersey Form GIT-317 Corporate Income Tax Tax Credit TY 2023
We last updated the Sheltered Workshop Tax Credit in January 2024, so this is the latest version of Form GIT-317, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form GIT-317 directly from TaxFormFinder. You can print other New Jersey tax forms here.
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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 GIT-317 from the Division of Revenue in January 2024.
Form GIT-317 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 GIT-317
We have a total of thirteen past-year versions of Form GIT-317 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form GIT-317
2023 Form GIT-317 Sheltered Workshop Tax Credit
2022 Form GIT-317
2022 New Jersey Gross Income Tax Sheltered Workshop Tax Credit, Form GT-317
2021 Form GIT-317
2021 New Jersey Gross Income Tax Sheltered Workshop Tax Credit, Form GT-317
2020 Form GIT-317
2020 New Jersey Gross Income Tax Sheltered Workshop Tax Credit, Form GT-317
2019 Form GIT-317
2019 New Jersey Gross Income Tax Sheltered Workshop Tax Credit, Form GT-317
2018 Form GIT-317
Form GIT-317
2011 Form GIT-317
Form GIT-317
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