New Jersey

State Credit Name: Taxpayer Credit for Certain Research Activities

Expiration Date: Indefinite

Who Can Apply? Corporations only. New Jersey S-Corporation’s credits are limited to its New Jersey corporation tax liability and pass-through of the credit to the shareholders is not allowed.

Credit Carry Forward: Unused credits can be carried forward 7 years. A taxpayer that has been granted the credit and basic payments have been made for research conducted in New Jersey in the fields of advanced computing, advanced materials, biotechnology, electronic device technology, environmental technology, and medical device technology is allowed to carry the credit forward 15 years.

About the Credit: The credit is equal to 10% of the excess of the QRE’s over the base amount, plus 10% of basic research payments, as determined under IRC Sec. 41.  

Notes: The credit can offset the entire net income component of the corporation business tax.

Click here to find out if you qualify for the federal research credit.



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