Form 313 Economic Recovery Tax Credit - New Jersey

What Is Form 313?

This is a legal form that was released by the New Jersey Department of the Treasury - a government authority operating within New Jersey. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form 313?
A: Form 313 is a tax form used to claim the Economic RecoveryTax Credit in New Jersey.

Q: What is the Economic Recovery Tax Credit?
A: The Economic Recovery Tax Credit is a tax credit provided by the state of New Jersey to help stimulate economic growth.

Q: Who is eligible to claim the Economic Recovery Tax Credit?
A: Businesses that meet certain criteria, such as creating new jobs or making capital investments in New Jersey, may be eligible to claim the Economic Recovery Tax Credit.

Q: How much is the Economic Recovery Tax Credit?
A: The amount of the tax credit varies depending on the specific circumstances of the business, but it can be up to a maximum of $5,000 per job created or $3,000 per job retained.

Q: How do I fill out Form 313?
A: Form 313 should be completed with information about the business's qualifying activities and the number of jobs created or retained. It is important to carefully follow the instructions provided with the form.

Q: When is the deadline to file Form 313?
A: The deadline to file Form 313 is usually the same as the deadline for filing the business's tax return, which is typically March 15th for calendar year taxpayers.

Q: Can I claim the Economic Recovery Tax Credit if I am an individual taxpayer?
A: No, the Economic Recovery Tax Credit is only available to businesses that meet the eligibility criteria.

Q: Are there any limitations on claiming the Economic Recovery Tax Credit?
A: Yes, there are certain limitations on the number of credits that can be claimed in a single year and the total amount of credits that can be claimed over a period of time. These limitations are outlined in the instructions for Form 313.

Q: What documentation do I need to submit with Form 313?
A: It is important to review the instructions for Form 313 to determine what documentation needs to be submitted. This may include supporting documents such as payroll records, proof of capital investments, or other relevant records.