new jersey research and development tax credit form

The New (and Improved!) New Jersey R&D Tax Credit

New Jersey taxpayers have gotten a long-awaited change to the New Jersey R&D tax credit – specifically an Alternative Simplified Credit method. These changes are effective for tax years beginning on or after January 1, 2018.

New Jersey has offered an R&D tax credit since 1992. The activities qualifying for the credit were based upon the federal rules under IRC Sec. 41. At that time, only the Regular Credit method was established. Therefore, many companies claiming the Alternative Simplified Credit (ASC) method for federal purposes may not have been able to claim a credit in New Jersey. Both credits are only available to corporations.

For more information on the federal R&D tax credit, click here .

The new credit method is calculated similarly to the federal ASC method where the base amount is 50% of the average of the prior three-year qualified research expense (QRE). However, there are differences:

• Where there are no QREs in the prior three tax years, taxpayers still apply the current year QREs against the credit rate of 10%. This is in contrast with the federal calculation where the credit rate drops from 14% to 6% in this scenario.
• The taxpayer must claim the same method (Regular or ASC) for New Jersey as federal.
• A taxpayer CANNOT use the QREs claimed for the federal payroll refund for the New Jersey credit.
• The rationale is that the New Jersey credit is based upon the federal corporate income tax credit. Under The Protecting Americans from Tax Hikes Act of 2015, the payroll refund offset for qualified small businesses was a separate credit under IRC Sec. 3111(f).
• Therefore it will be critical for taxpayers to use the IRS Form 6765 as a starting point on the New Jersey credit.

What this means 

• Taxpayers with large revenues were likely not creditable under the previous New Jersey credit regime (Regular method). If they have QREs in New Jersey, they should perform the ASC method to see if creditable.
• If the taxpayer is claiming the federal ASC method, they need to ensure that method is used for New Jersey.
• Many taxpayers are qualified small businesses and claim the payroll offset. Those expenses are not includable in the New Jersey credit calculation.

Click here for form and instructions.

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Tim Rankins is a Tax Director with over 10 years of experience with focus on Research and Development Tax Credit.

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R&D Tax Credits

R&d tax credits.

Small business survival and growth requires adequate working capital. One overlooked source of cash for New Jersey manufacturers is the Research and Development (R&D) tax credit. This incentive helps companies to grow by reducing its tax liability for qualified R&D expenditures.

Most manufacturers are unaware that their efforts in designing quality products qualify as R&D, and may make them eligible for tax credits for expenditures associated with these activities . R&D credits may be applied to taxes due or to future tax liability, and they may be retroactive for three years in addition to the current year and carry forward for twenty years! These credits can additionally be used to reinvest in the company.

NJMEP’s Process

NJMEP’s experts have experience identifying, qualifying and quantifying the expenditures of manufacturers. Areas of analysis include:

• Salaries and wages of the engineers working on a project
• Cost of supplies
• Third party contractor fees getting prototype parts made by a rapid prototyping service center
• Tasks performed by executive leadership
• Legal, sales engineers, operations and IT

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• What is the R&D Tax Credit?
• What qualifies for a Research and Development Tax Credit?
• How can your business benefit from the R&D tax credit?
• How can my business claim an R&D Tax Credit?
• Common misconceptions why businesses assume they don’t qualify for the R&D Tax Credit
• What states qualify for the R&D Tax Credit?
• How to determine your R&D Tax Credit eligibility?
• Research and Development Tax Credit Limitations
• R&D Tax Credit Examples
• Research and Development Tax Credit Calculation – How to calculate your R&D Tax Credit
• What documentation is required to claim an R&D Tax Credit?
• How has the R&D Tax Credit Changed in Recent Years?
• How has tax reform changed the R&D Tax Credit in recent years?
• What are the R&D Tax Credit Costs?
• When Did R&D Tax Credits Start?
• R&D Tax Credit Carryforward
• How do Tax Credits Work?
• When can you Claim R&D Tax Credit?
• What is IRS Form 6765?
• How can an R&D Tax Credit Offset Payroll Taxes?
• R&D Tax Credits for Small Businesses & Startups
• R&D Tax Credit FAQ (Frequently Asked Questions)
• Employee Retention Credit
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New Jersey R&D Tax Credit

Businesses today invest heavily in research and development to remain competitive in an increasingly digital global economy. However, many companies don’t have the resources or cash flow to fund these programs from their own operating capital. As a result, they are at a disadvantage when meeting international standards for innovation and growth.

Fortunately, state lawmakers understand that without funding assistance, such businesses may not be able to invest in new R&D programs. For this reason, legislators have created tax credits for R&D programs across the US. New Jersey R&D tax credit is an incentive for businesses in the area to continue growing and expanding at home instead of moving overseas or shutting down completely.

New Jersey Research and Development Tax Credit Explained

New Jersey research tax credit has undergone significant modifications that affect tax years starting from 2018. In general, it equals ten percent of the extra QREs above the basic amount. The state follows the federal description of QREs (you can check it in IRC Section 41. (b) ).

You can also utilize the alternative simplified method to calculate incentives for taxable years that end on or following July 31, 2019. But that method only applies to consolidated groups, so you must be a part of a combined group that is included on an NJ combined return .

In contrast to its federal counterpart, the New Jersey research tax credit is solely available to C-corporations and some qualified S-corporations. Moreover, stockholders cannot receive any credits.

Unused credits typically have a 7-year carryforward window. However, credits closely connected to specific industries have a 15-year carryover duration. They include medical device technology, environmental technology, electronic device technology, biotechnology, advanced materials, and advanced computing industries.

How to Calculate New Jersey R&D Tax Credit

Take ten percent of the surplus of QREs for the taxable year above the base amount, then add ten percent of basic research costs for the taxable period. Moreover, New Jersey started allowing the ASC method to compute credits on January 1, 2018, but there won’t be Code 280C compliance.

Claiming the Federal Payroll Tax Credit

The permissible payroll credit under IRC Sections 3111(f) and 41(h)(1) and the corporate income tax credits under IRC Section 41(a) are different incentives. The federal corporate income tax credit is the foundation for the NJ Corporation Business Tax R&D Tax Credit. For this reason, the NJ research tax credit doesn’t cover such costs, and you shouldn’t use them to calculate the final amount.

New Jersey Research and Development Tax Credit: Takeaway

If you own an S-Corp in New Jersey, you are eligible for a credit relating to expanding your research operations to the extent of your NJ corporation tax burden. But you can’t pass it on to the shareholders.

What kind of companies can apply for an R&D tax credit in New Jersey?

C-Corporations

What is the deadline for applying for an R&D tax credit in New Jersey?

You must submit your application together with the New Jersey Tax Return.

What data do I need to calculate credit an R&D tax credit in New Jersey?

Gross receipts for the past four years, New Jersey QREs for the past three years, as well as claim period New Jersey QREs (Qualified R&D Expenses).

What information do I need to provide to file an R&D tax credit in New Jersey?

Federal Form 6765

Is credit carryforward an option in New Jersey?

Yes, up to seven years or fifteen years for certain industries.

R&D Tax Credits by State:

Alaska research and development tax credit Colorado research tax credit Connecticut research and development tax credit Michigan research and development tax credit Nebraska research tax credit California research tax credit Kansas research tax credit Ohio R&D tax credit Utah research and development tax credit Massachusetts research and development tax credit

Texas research and development tax credit Mississippi research and development tax credit New Mexico R&D tax credit Louisiana research and development tax credit Vermont R&D tax credit Pennsylvania R&D tax credit Virginia research and development tax credit Georgia research tax credit Hawaii R&D tax credit Rhode Island R&D tax credit

South Carolina research and development tax credit Indiana research and development tax credit Maryland research and development tax credit Arizona R&D tax credit Maine research tax credit Alabama R&D tax credit New Hampshire R&D tax credit Illinois R&D tax credit Arkansas research tax credit Kentucky research tax credit

New Jersey research tax credit Iowa research and development tax credit North Dakota research tax credit Florida R&D tax credit Delaware research tax credit Minnesota research tax credit New York research and development tax credit Idaho R&D tax credit Wisconsin research and development tax credit

New Jersey R&D Tax Credits

Connect with us to find out how R&D tax credits can boost your organization’s bottom line.

New Jersey R&D Tax Credit

Discover the benefits of New Jersey state credits and see how your business could qualify.

There have been major changes to the New Jersey R&D Credit that are prospective only for tax periods beginning on or after January 1, 2018. The New Jersey R&D credit provides a credit roughly equal to 10% of the excess of qualified research expenses over the base amount.

New Jersey mirrors the federal definition of QREs, as defined by IRC § 41(b). For tax years ending on or after July 31, 2019, taxpayers should use the Federal rules for computing the New Jersey R&D Credit that are applicable to consolidated groups if the taxpayers are a taxable member of a combined group included on a New Jersey combined return.

Unlike the Federal R&D credit, the New Jersey R&D credit is only applicable for qualifying C-Corps and in rare circumstances S-Corps.  However, no credits can be passed through to shareholders.

There is generally a 7 year carryforward period for unused credits.  Alternatively, there is a 15 year carryforward period for credits directly tied to projects involving specific study fields (see below).

Learn more about New Jersey's R&D Tax Credit law from Form 306.

R&D Tax Credit Available:

Eligible Entities:

C-Corporations

Deadline for Tax Filing:

Due with New Jersey Tax Return

Data Required to Compute Credit:

Claim Period New Jersey Qualified R&D Expenses (QREs)

Prior 4 years of Gross Receipts

Prior 3 years of New Jersey QREs

What Information is needed?

Federal Form 6765

Credit Carryforward:

15 years for specific industries (see below)

The R&D tax credit equals:

10% of the excess of the NJ qualified research expenses for the tax period over the base amount; plus

10% of basic research payments for the tax period.

Specific Items to Note:

Effective Jan 1, 2018, New Jersey allows the alternative simplified method (ASC) to calculate the state credit, however there is no Section 280C conformity.

The standard carryforward period for New Jersey R&D credits is 7 years; however, companies in the following industries can carry forward any unused R&D credit up to 15 years:

• Advanced computing;
• Advanced materials;
• Biotechnology;
• Electronic device technology;
• Environmental technology; and
• Medical device technology.

A New Jersey S-Corporation is allowed to claim a credit in connection with increasing research activities to the extent of its New Jersey corporation tax liability. Pass-through of this credit to shareholders is not permitted.

For Federal Payroll Tax Credit Claims : Pursuant to I.R.C. § 41(h)(1), the corporate income tax credit under I.R.C. § 41(a) and the allowable payroll credit under I.R.C. § 41(h)(1) and § 3111(f) are separate and distinct credits. The New Jersey Corporation Business Tax Research and Development Tax Credit is based on the federal corporate income tax credit. These expenses may not be used for the New Jersey R&D credit. Do not use these amounts in the above calculation of the New Jersey credit.

Estimate the value of your NJ R&D tax credits!

New jersey r&d tax credit eligibility summary:, new jersey r&d tax credit guidelines:, new jersey r&d tax credit case study, key new jersey r&d tax credits r&d tax rules changes.

Check New Jersey R&D Tax Credit Law

Connect with us to find out how R&D Tax Credits can boost your organization’s performance.

With just a little info, our Strike Experts can help you start your R&D tax credit journey.

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Ready to calculate your R&D tax credits?

To get an estimate of the potential value of your unclaimed R&D Tax Credits, try out our credit calculator.

Download our R&D Tax Credit Calculator for Android to see how much you can receive from your qualified R&D tax credit expenses.

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New jersey r&d tax credit summary.

The state of New Jersey R&D Tax Credit leverages off of the federal section 41 rules regarding the calculation and qualification of qualified research activities with some modifications. An R&D Tax Credit against the entire net income component of the corporation business tax is allowed for qualifying research activities performed in New Jersey.  The credit is allowed based on qualified expenditures made in taxable years beginning after 1993.

NJ R&D Credit Summary:

The New Jersey R&D tax credit equals the following as determined under IRC Sec. 41:

10% of the excess of the NJ qualified research expenses for the tax period over the base amount; PLUS

NJ Fixed-Base Percentage (FBP) can be calculated using Payroll & Property fraction (Form NJ-NR-A) as an alternative method

10% of basic research payments for the tax period

Eligible Entities:  C-Corporations & S-Corporations

The R&D Tax Credit is only available to corporations (both C and S corporations).

A New Jersey S corporation's credits are limited to its New Jersey corporation tax liability and pass-through of the credit to the individual shareholders is NOT permitted.

Credit is not available to partnerships and other pass-thru entities.

Deadline for Tax Filing: Due with New Jersey Tax Return

For taxable periods beginning on and after January 1, 2013, complete  Form 306 .

Data Required to Compute Credit:

Claim Period Qualified R&D Expenses (QREs)

Gross Receipts for Prior 4 Years

Credit Carryforward:

In general, any unused R&D Tax Credits can be carried forward for 7 years.

May instead carry forward any unused R&D credit up to 15 years for Specific Industries: 

advanced computing,

advanced materials,

biotechnology,

electronic device technology,

environmental technology, and

medical device technology

Refundable/Transferable Tax Credit:  Yes

The credit can be sold through the  NJ Tax Certificate Transfer Program

Important Links and Forms:

NJ Form 306

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New jersey state r&d tax credit, refundable tax credit – yes.

Businesses can take advantage of the Research and Development Tax Credit in the state of New Jersey.  Companies can use the credits to offset costs spent performing qualifying research activities against state and federal tax liabilities. The credit is often overlooked by companies simply because they don’t realize the work they are doing in their daily operations qualifies them. Companies performing any kind of research and development may be missing out on significant tax credits.

Businesses in New Jersey can take advantage of the federal R&D Tax credit, as well as credits specific to the state of New Jersey.

New Jersey State R&D Tax Credit Program Highlights

• Unused credits can be carried forward up to 7 years
• The credit is equal to 10% of the excess of the qualified research expenses for the tax period over the base amount, plus 10% of basic research payments for the tax period.
• Qualifying expenditures that have been made in taxable years since 1993 can take advantage of the credit.
• An R&D tax credit against the entire net income component of the corporation business tax is allowed for qualifying research activities performed in New Jersey.

Federal R&D Tax Credit Program Highlights

• Every year, more than $7.5 billion in federal R&D credits are given out to companies across the United States.
• The Research and Development Tax Credit provides cash incentives through the form of credits for companies performing research activities in the United States.
• The credit offsets cost spent performing research activities against federal tax liabilities.
• Tax credits may be carried forward as far as 20 years.
• The credit can be taken by a business on all open tax years, typically the last three or four years, plus the current year.
• The credit creates a significant reduction to current and future federal tax liabilities.
• All companies can potentially benefit from the tax credit if qualifying research activities are taking place.

The Research and Development Tax Credit

R&D is a dollar for dollar tax credit that can be claimed by companies in the United States to offset costs spent performing research and development to benefit their business. Created as an incentive by the United States Government for businesses to undergo research activities to develop or improve their products, processes, or software, The R&D credit was made permanent on a federal level by the Protecting Americans Against Tax Hikes Act of 2015, allowing business owners to ensure their research activities would earn them the lucrative credit. The PATH Act also broaden the variety of industries that are able to claim the credit.

How to Apply

Claiming your R&D tax credits is made simple by our team at National Tax Group. During your call, we’ll determine if your research activities qualify your company to take advantage of the R&D Tax Credit Program. We’ll provide the proper documentation and remain by your side until all documentation is submitted and approved by the Internal Revenue Service. In the highly unlikely event of an audit, we will supply all materials needed to clear it at no extra cost for you. Contact our tax experts to get started.

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Are R&D Tax Credits Available in New Jersey?

Are r&d tax credits available in new jersey.

Yes. The state of New Jersey provides the  Research and Development (R&D) Tax Credit which leverages the federal section 41 rules regarding the calculation and qualification of qualified research activities with some modifications:

• An R&D Tax Credit against the entire net income component of the corporation business tax is allowed for qualifying research activities performed in New Jersey.
• The New Jersey R&D tax credit is equal to 10% of the excess of the qualified research expenses for the tax period over the base amount, plus 10% of basic research payments for the tax period, as determined under IRC Sec. 41.
• The R&D Tax Credit is only available to corporations (both C and S corporations). A New Jersey S corporation's credits are limited to its New Jersey corporation tax liability and pass-through of the credit to the individual shareholders is not permitted.
• Credit is not available to partnerships and other pass-thru entities.
• The credit is allowed based on qualified expenditures made in taxable years beginning after 1993.
• Any unused R&D Tax Credits can be carried forward for 7 years.

New Jersey R&D Tax Credit Case Study

A New Jersey engineering firm with fewer than 30 employees had never claimed the R&D Tax Credit before. This project involved a multi-year study.

The Company qualified for federal R&D Tax Credits of $211,166 and an additional credit of $100,000 in NJ state R&D Tax Credit.

You can read more about this New Jersey tax credit case study here .

Four-Part Test

Qualified research activities are defined by the four-part test outlined below, technological in nature, permitted purpose, eliminate uncertainty, experimentation.

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What Is Form 306?

• Preview Document
• Download Form 306 PDF Download Form 306 PDF

Form 306 Research and Development Tax Credit - New Jersey

• United States Legal Forms
• New Jersey Legal Forms
• New Jersey Department of the Treasury

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.

Form Details:

• Released on October 1, 2021;
• The latest edition provided by the New Jersey Department of the Treasury;
• Easy to use and ready to print;
• Quick to customize;
• Compatible with most PDF-viewing applications;
• Fill out the form in our online filing application .

Download a printable version of Form 306 by clicking the link below or browse more documents and templates provided by the New Jersey Department of the Treasury.

Other Revisions

Download form 306 research and development tax credit - new jersey, linked topics.

Related Documents

• VA Form 10-1436 Research and Development Information System Project Data Sheet
• VA Form 10-1313-2 Research and Development Program
• VA Form 10-1313-4 Research and Development Program
• VA Form 10-1313-13 VHA Research and Development Letter of Intent Cover Page
• Form 302 Redevelopment Authority Project Tax Credit - New Jersey, 2023
• IRS Form 8974 Qualified Small Business Payroll Tax Credit for Increasing Research Activities
• Form 311-MISC Neighborhood Revitalization State Tax Credit for Business Taxes Other Than the New Jersey Corporation Business Tax - New Jersey
• IRS Form 7204 Consent to Extend the Time to Assess Tax Related to Contested Foreign Income Taxes - Provisional Foreign Tax Credit Agreement
• VA Form 10-1313-8 Investigator's Total VA and Non-VA Research/Development Support
• VA Form 10-1313-3 Current Funds & First Year Request - Research and Development Program
• Form RTF-8 Affidavit of Consideration (Statement of Prior Mortgage, Liens or Encumbrances) for Sheriff's Deeds - New Jersey
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Research and development (R&D) tax credit services

Maximize your investments with the r&d tax credit, become a client, helping you secure research and development tax credits to offset r&d businesses investments.

Many private and public companies in the middle market pursue vigorous research and development programs to thwart fierce competition and explore future market opportunities. The Research and Development (R&D) Tax credit makes provisions for a benefit based on qualified expenditures that exceed a specific base amount. In addition to the federal credit, many states offer R&D tax credits.

If you engage in the following activities, you potentially qualify for R&D tax credits:

• Developing new products
• Improving existing products
• Developing new or improved manufacturing or production processes
• Developing new production equipment
• Attempting to use new materials
• Designing and fabricating tools and dies
• Developing certain types of software

Many middle market companies don’t have the internal resources to investigate and compile documentation to sustain the credits under Internal Revenue Service or state examinations.  

Our R&D tax credit specialists understand the nuances of the complex rules for qualification and have years of experience developing supportable tax credit claims. Our approach includes fully understanding your business and your research activities and scaling our tools and processes to fit your business. We can help you maximize your investment in the future of your business.

When considering the research and development tax credit, it is important to work with a company who has industry-specific knowledge. RSM can perform a research tax credit study, using statistical sampling to reduce the burden on your organization. 

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