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New Jersey Film Production Tax Credit
Extracted from PDF file 2023-new-jersey-form-318.pdf, last modified September 2006Film Production Tax Credit
FORM 318 NEW JERSEY CORPORATION BUSINESS TAX FILM PRODUCTION TAX CREDIT (8-06) FOR RETURN PERIODS BEGINNING AFTER JULY 1, 2005 Name as Shown on Return Federal ID Number NJ Corporation Number READ THE INSTRUCTIONS BEFORE COMPLETING THIS FORM PART I QUALIFICATIONS 1. Were the qualified film production expenses incurred during a privilege period beginning after January 12, 2006 . . . . YES NO 2. Were at least 60% of the total production expenses, exclusive of post-production costs, incurred for services performed and goods used or consumed in New Jersey? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . YES NO 3. Did the principal photography of the film begin within 150 days of the approval date of the tax credit application? . . . YES NO 4. Is a copy of the approval for this tax credit attached to the return? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . YES NO NOTE: PART II 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 film production tax credit, otherwise, go to Part II. CALCULATION OF THE FILM PRODUCTION TAX CREDIT 5. Enter the amount of the qualified film production expenses incurred during the period covered by the return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. 6. Enter 20% (.20) of line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. 7. Enter the film production tax credit carried forward from the prior year . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. 8. Total film production tax credit - Add lines 6 and 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8. PART III CALCULATION OF THE ALLOWABLE CREDIT AMOUNT 9. Enter tax liability from page 1, line 11 of CBT-100 or BFC-1, or line 9 of CBT-100S . . . . . . . . . . . . . . . . 9. 10. Enter the required minimum tax liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10. 11. Subtract line 10 from line 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11. 12. Enter 50% (.50) of the tax liability reported on line 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12. 13. Enter the lesser of line 11 or line 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13. 14. Tax Credits taken on current year’s return (see instruction (c) for Part III): a) __________________________ ................ __________________________ b) __________________________ ................ __________________________ c) __________________________ ................ __________________________ d) __________________________ ................ __________________________ e) __________________________ ................ __________________________ . .Total 14. 15. Subtract line 14 from line 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15. 16. Allowable credit for the current tax period. Enter the lesser of line 8 or line 15 here and on Schedule A-3 of the CBT-100, the CBT-100S or the BFC-1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16. PART IV FILM PRODUCTION TAX CREDIT CARRYOVER 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 IV before completing this schedule. A 2006 B 2007 C 2008 D 2009 E 2010 F 2011 G 2012 H 2013 1. Enter the tax credit calculated for each tax year* 2. Enter the amount used in tax year: a) 2006 b) 2007 c) 2008 d) 2009 e) 2010 f) 2011 g) 2012 h) 2013 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. Form 318 (8-06) Page 2 Form 318-A (8-06) Instructions for Form 318 FILM PRODUCTION TAX CREDIT PURPOSE OF THIS FORM - This schedule must be completed by any taxpayer claiming a Film Production Tax Credit and/or credit carry forward as provided for in P.L. 2005, c.345. In general, the credit is allowed in an amount equal to 20% of the qualified film production expenses paid by the taxpayer during the privilege period, provided that at least 60% of the total production expenses (other than post-production) were for services performed or goods used in New Jersey, and provided that the principal photography began within 150 days after the credit application was approved. The credit may be claimed for qualified film expenses incurred on or after January 12, 2006 and may be claimed on returns for privilege periods beginning on and after July 1, 2005, and expires with privilege periods beginning after July 1, 2015. NOTE: Only complete the applicable lines from Parts II, III and IV where the full amount of the film production tax credit claimed on the current return is the result of a sheltered workshop tax credit carried forward from a previous tax year. DEFINITIONS: Film - means a feature film, a television series or a television show of 15 minutes or more in length, intended for a national audience. "Film" shall not include a production featuring news, current events, weather and market reports or public programming, talk show, game show, sports event, award show or other gala event, a production that solicits funds, a production containing obscene material as defined under N.J.S.2C:34-2 and N.J.S.2C:34-3, or a production primarily for private, industrial, corporate or institutional purposes. Qualified Film Production Expenses - means an expense incurred in New Jersey for the production of a film including postproduction costs incurred in New Jersey. Qualified expenses include but are not limited to wages and salaries of individuals employed in the production of a film on which the New Jersey Gross Income Tax has been paid or is due; the costs of construction, operations, editing, photography, sound synchronization, lighting, wardrobe and accessories and the cost of rental of facilities and equipment. Qualified expenses do not include expenses incurred in marketing or advertising a film. Total Production Expenses - means costs for services performed and tangible personal property used or consumed in the production of a film. Post-production Costs - means the cost of the phase of production that follows principal photography, in which raw footage is cut and assembled into a finished film with sound synchronization and visual effects. PART I - QUALIFICATIONS The answer to all questions must be "YES". If the answer to any of the questions is "NO", the taxpayer is not entitled to the film production tax credit. PART II - CALCULATION OF THE FILM PRODUCTION TAX CREDIT Follow the instructions on lines 5 through 8 to calculate the total film production tax credit. PART III - CALCULATION OF THE ALLOWABLE CREDIT AMOUNT a) The allowable film production tax credit is calculated in Part III. 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 which would reduce the total tax liability below the statutory minimum. 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 Minimum Tax $500 $750 $1,000 $1,500 $2,000 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. c) Line 14 - List the name and the related amount of any other tax credits claimed for the period covered by the return. Credits must be taken in the following priority: 1) HMO Assistance Fund Tax Credit, 2) New Jobs Investment Tax Credit, 3) Urban Enterprise Zone Tax Credit, 4) Redevelopment Authority Project Tax Credit, 5) Recycling Equipment Tax Credit, 6) Manufacturing Equipment and Employment Investment Tax Credit, 7) Research and Development Tax Credit, 8) Smart Moves for Business Program Tax Credit, 9) Small New Jersey-Based High-Technology Business Investment Tax Credit, 10) Neighborhood Revitalization State Tax Credit, 11) Effluent Equipment Tax Credit, 12) Economic Recovery Tax Credit, 13) Remediation Tax Credit, 14) AMA Tax Credit, 15) Business Retention and Relocation Tax Credit, and 16) Sheltered Workshop Tax Credit. Refer to Regulation N.J.A.C. 18:7-3.17. PART IV - FILM PRODUCTION TAX CREDIT CARRYOVER 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 Part IV to validate the tax credit carryover amount.
Form 318
More about the New Jersey Form 318 Corporate Income Tax Tax Credit TY 2023
We last updated the Film Production Tax Credit in February 2024, so this is the latest version of Form 318, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 318 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 318 from the Division of Revenue in February 2024.
Form 318 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 318
We have a total of thirteen past-year versions of Form 318 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form 318
Form 318
2022 Form 318
Form 318 Film Production Tax Credit
2021 Form 318
2021 Film Production Tax Credit
2020 Form 318
Form 318 Film Production Tax Credit
2018 Form 318
Form 318 - Film Production Tax Credit
2017 Form 318
Form 318 - Film Production Tax Credit
2016 Form 318
Form 318 - Film Production Tax Credit
2015 Form 318
Form 318 - Film Production Tax Credit
2014 Form 318
Form 318 - Film Production Tax Credit
2013 Form 318
CBT Form 318 (2013)
2012 Form 318
CBT Form 318 (2012)
2011 Form 318
318 (09-11) (R-3) - draft - 092111 - 108pm.qxp
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