Get Form - 313 - State Nj

Filling out the Form - 313 for the Economic Recovery Tax Credit can seem overwhelming, but with clear guidance, you can complete it confidently. This form is essential for taxpayers engaging in business within qualified municipalities in New Jersey, enabling them to claim valuable tax credits for new full-time positions.

Follow the steps to successfully complete Form - 313 online.

1. Click ‘Get Form’ button to obtain the form and open it in your preferred digital format.
2. Begin with Part I, where you must answer preliminary qualification questions about your business and employees. Review each question carefully and answer 'YES' or 'NO'. If any answer is 'YES', you are not eligible for the credit; otherwise, proceed to the next sections.
3. In Part I, complete questions 5 and 6 about the qualifying location of your new operations and the start date.
4. Move to Part II to provide information about qualifying employees. Enter the Social Security Number, employment dates, and name for each qualifying employee reported. If you have more qualifying employees than available space, attach a separate rider with the additional details.
5. In Part III, calculate the Economic Recovery Tax Credit. Enter the number of new full-time positions for credit year one and year two, following the specific dollar amounts per new position: $2,500 for year one and $1,250 for year two.
6. In Part IV, determine the allowable credit amount. Enter your tax liability and subtract the required minimum tax to find your eligible credit. This section will help you understand the limits of credits based on your business’s tax situation.
7. For Part V, calculate any carryover amounts if your allowable credit is less than total credits available for the current year or if you're carrying forward a credit from a previous year.
8. Review all sections to ensure accuracy, make necessary edits, and then save your changes. You can download, print, or share the completed form as required.

Complete your Form - 313 online accurately to ensure you receive your Economic Recovery Tax Credit.