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Electronic Filing Mandate
All taxpayers and tax preparers must le Corporation Business
Tax returns and make payments electronically. This mandate in-
cludes all returns, estimated payments, extensions, and vouch-
ers. Visit the Division’s website or check with your software
provider to see if they support any or all of these lings.
To le and pay the annual report electronically, visit the Division
of Revenue and Enterprise Services’ website.
Before You Begin
Read all instructions carefully before completing returns.
Include a complete copy of the federal Form 1120-S and
all related forms and schedules. See Technical Bulletin,
TB-98(R), Federal Return and the Forms and Schedules to In-
clude with the Corporation Business Tax Return.
For privilege periods beginning on or after December 22, 2022,
a federal S corporation (or QSSS) can le as a New Jersey S
corporation (or QSSS) even if they did not previously make the
New Jersey election. They must submit the Shareholder Juris-
dictional Consent and proof of their federal S corporation status.
See instructions for Schedule SJC for more information.
Personal Liability of Ocers and Directors
Any ocer or director of any corporation who shall distribute or
cause to be distributed any assets in dissolution or liquidation
to the stockholders without having rst paid all corporation fran-
chise taxes, fees, penalties and interest imposed on said corpo-
ration, in accordance with N.J.S.A. 14A:6-12, N.J.S.A. 54:50-18
and other applicable provisions of law, shall be personally liable
for said unpaid taxes, fees, penalties, and interest. Compliance
with N.J.S.A. 54:50-13 is also required in the case of certain
mergers, consolidations, and dissolutions.
Distortion of Net Income
The Director is authorized to adjust and redetermine items of
gross receipts and expenses as may be necessary to make a
fair and reasonable determination of tax payable under the Cor-
poration Business Tax Act. For details regarding the conditions
under which this authority may be exercised, see regulation
N.J.A.C. 18:7-5.10.
Accounting Method
The return must be completed using the same method of ac-
counting, cash, accrual or other basis, that was employed in the
taxpayer’s federal income tax return.
Riders
If space is insucient, include riders in the same form as the
original printed sheets. The riders must be numbered and clearly
list the schedule(s) and line(s) of each corresponding rider item.
Federal/State Tax Agreement
The New Jersey Division of Taxation and the Internal Revenue
Service participate in a federal/State program for the mutual ex-
change of tax information to verify the accuracy and consistency
of information reported on federal and New Jersey tax returns.
Corporations Required to File
A corporation that has elected and qualies to be an S corpora-
tion pursuant to Section 1361 of the Internal Revenue Code is
required to le Form CBT-100S unless the shareholders elect
to be treated as a C corporation for New Jersey purposes. See
Hybrid Corporations.
Nexus. For privilege periods ending on and after July
31, 2023, corporations will be deemed to have bright-
line economic nexus if during the corporation’s tax
year:
• The receipts derived from New Jersey sources are more than
$100,000, or
• 200 or more separate transactions are delivered to customers
in New Jersey.
Corporations that do not meet either threshold above, and do
not create nexus in another way, do not have nexus even if they
have New Jersey receipts. Information on nexus is available in
TB-108, Nexus for Corporation Business Tax for Privilege Peri-
ods Ending on and after July 31, 2023.
Corporations Claiming P.L. 86-272.
Foreign corporations that meet the ling requirements and
whose income is immune from tax pursuant to Public Law 86-
272, must obtain and complete Schedule N, Nexus – Immune
Activity Declaration, and all of the schedules from the CBT-100S.
In addition, taxpayers must include a copy of the Nexus Ques-
tionnaire and remit the minimum tax with the CBT-100S.
Note: Check the box on page 1 to indicate the corporation is
claiming P.L. 86-272.
Qualied Subchapter S Subsidiaries. A Qualied Subchapter
S Subsidiary (QSSS) is required to le Form CBT-100S annu-
ally, including only page 1 reecting zero income, the Annual
General Questionnaire, and when applicable Schedule SJC
and Schedule PC, and remit the minimum tax. The QSSS must
check the box on page one indicating it is a Qualied Subchap-
ter S Subsidiary and include the parent ID number. The parent is
obligated to report all assets, liabilities, income, and expenses of
the QSSS on a consolidated basis on its CBT-100S, CBT-100,
or CBT-100U return. See also, Hybrid Corporations.
Hybrid Corporations. A federal S corporation or Qualied Sub-
chapter S Subsidiary that elects to le as a C corporation for
New Jersey purposes is a hybrid corporation. For information
on ling requirements, see TB-105, Corporation Business Tax
and Gross Income Tax Guidance regarding S Corporations and
Qualied Subchapter S Subsidiaries.
Foreign Corporations That Own New Jersey Partnerships. A
foreign corporation that owns a New Jersey partnership must le
Form CBT-100S to claim the tax paid on their behalf by the part-
nership. The foreign corporation cannot transfer the tax paid by
the partnership on its behalf to any of its shareholders.
Out-of-Business Corporations. Corporations that are “out of
business” but have not dissolved or withdrawn their authority to
do business in New Jersey, are still obligated to le a return. A
dissolution or withdrawal date must be established on or before
2023 CBT-100S
General Instructions for New Jersey S Corporation Business Tax Return and Related Forms
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the last day of the current taxable period in order to avoid having
to le a return for the next tax year.
New Corporations. Every New Jersey corporation acquires a
taxable status beginning 1) on the date of its incorporation, or
2) on the rst day of the month following its incorporation if so
stated in its certicate of incorporation. Every corporation that
incorporates, qualies, or otherwise acquires a taxable status
in New Jersey must le a Corporation Business Tax return. A
tax return must be led for each scal period, or part thereof,
beginning on the date the corporation acquired a taxable sta-
tus in New Jersey regardless of whether it had any assets or
conducted any business activities. No return can cover a period
exceeding 12 months, even by a day.
Financial Business Corporations. Corporations that
qualify as nancial businesses, those that derive 75%
of their gross income from the nancial activities enu-
merated at N.J.A.C. 18:7-1.16(a)1 through (a)7, must le the
New Jersey Corporation Business Tax Return, Form CBT-100 or
the Corporation Business Tax Unitary Return, Form CBT-100U.
Professional Corporations. Corporations formed under
N.J.S.A. 14A:17-1 et seq. or any similar laws of a possession
or territory of the U.S., a state, or political subdivision thereof,
must complete Schedule PC. Examples of licensed profession-
als include certied public accountants, architects, optometrists,
professional engineers, land surveyors, land planners, chiroprac-
tors, physical therapists, registered professional nurses, dentists,
osteopaths, physicians and surgeons, doctors of medicine, doc-
tors of dentistry, podiatrists, veterinarians, and attorneys.
Inactive Corporations. Inactive corporations that, during the
period covered by the return, did not conduct any business, did
not have any income, receipts or expenses, did not own any
assets, did not make any distributions, and did not have any
change in ownership, must complete the Certicate of Inactivity
section on page 1. Payment for the related minimum tax liability
and the installment payment (if applicable) must be submitted
electronically. See the Page 1 section for more information.
Combined Reporting
New Jersey enacted mandatory combined reporting for unitary
businesses for tax years ending on and after July 31, 2019.
Groups of companies that have common ownership and are en-
gaged in a unitary business, where at least one member of the
group is subject to the New Jersey Corporation Business Tax,
are required to calculate their tax liability on a combined basis on
Form CBT-100U, Corporation Business Tax Unitary Return.
A New Jersey S corporation is not included as a member of a
combined group unless the New Jersey S corporation arma-
tively elects to be included as a member of the combined group
on the CBT-100U.
Note: The law change did not impact the treatment of parent
New Jersey S corporations and New Jersey qualied sub-
chapter S subsidiaries. The parent of New Jersey quali-
ed subchapter S subsidiary(ies) must include the gures
from itself and all the New Jersey QSSSs.
A member of a combined group ling a New Jersey combined
return does not have to le a separate return for the privilege
period or portion of the privilege period thereof that the taxpayer
was included as a member of the combined return. A combined
group member with business operations that are independent
of the unitary business activity of the combined group must re-
port such income on Schedule X. Schedule X is submitted with
the combined return. The member will not complete a separate
return.
Visit the Division’s website for information about combined
reporting.
Note: A taxpayer that has nexus with New Jersey that is part of
a combined group or aliated group, but excluded from
the New Jersey combined return must le a separate
return.
Former Member of Combined Group. A taxpayer that was
a member of a combined group ling a New Jersey combined
return for part of the group privilege period and subsequently
departs the combined group to le on a separate entity basis,
must report the income for months subsequent to departing the
combined group on a separate return (Form CBT-100S) unless
the taxpayer joined a second combined group that les a New
Jersey combined return. The taxpayer ling a separate return
would not report the income on Form CBT-100S for the months
during which the member was part of the combined group. If de-
termining what amount of income is attributable to the portions
of the twelve-month period are for the periods before and after
departing a combined group, the taxpayer must prorate their in-
come/losses and receipts.
When to File
2023 Accounting Periods and Due Dates
The 2023 S Corporation Business Tax return should only be
used for accounting periods ending on and after July 31, 2023,
through June 30, 2024.
New Jersey Corporation Business Tax returns and payments,
except estimated payments, are due the 15th day of the month
following the month the federal corporate income tax return is
originally due. If the due date falls on a weekend or a legal hol-
iday, the return and payment are due on the following business
day. Use the following schedule for 2023 CBT-100S forms and
payments:
If accounting
period ends on:
July 31,
2023
Aug. 31,
2023
Sept. 30,
2023
Oct. 31,
2023
Nov. 30,
2023
Dec. 31,
2023
Due date for
ling is:
Nov. 15,
2023
Dec. 15,
2023
Jan. 15,
2024
Feb. 15,
2024
Mar. 15,
2024
Apr 15,
2024
If accounting
period ends on:
Jan. 31,
2024
Feb. 28,
2024
Mar. 31,
2024
Apr. 30,
2024
May 31,
2024
June 30,
2024
Due date for
ling is:
May 15,
2024
June 15,
2024
July. 15,
2024
Aug. 15,
2024
Sept. 15,
2024
Oct. 15,
2024
Calendar or scal accounting year is the same accounting pe-
riod upon which the taxpayer is required to report to the United
States Treasury Department for federal income tax purposes.
Please note the ending month of the accounting period for
federal returns and New Jersey returns must match, however,
the tax return year for the federal and State returns may dier.
(i.e., a tax year ending 8/31/23 may be led on a 2022 federal
1120-S; the same tax year must be led on a 2023 New Jersey
CBT-100S.) All accounting periods must end on the last day of
the month, even if the taxpayer uses the same 52-53 week ac-
counting year that is used for federal income tax purposes, see
N.J.A.C. 18:7-2.3. The Division is aware that taxpayers cannot
properly input dates for 52-53 week accounting years. In this
case, taxpayers must enter the last day of the month. Attach a
rider showing the correct accounting period. Returns for prior tax
years are available on the Division’s website.
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Extension of Time to File
The Tentative Return and Application for Extension of Time to
File, Form CBT-200-T, must be led and paid electronically.
You can also check with your software provider to see if the
software you use supports ling of extensions. If an extension is
requested, the corporation should notify all shareholders of such
request.
Corporations will automatically receive a six-month extension
only if they have paid at least 90% of the tax liability and timely
led Form CBT-200-T.
An extension of time is granted only to le your New Jersey Cor-
poration Business Tax return. There is no extension of time to
pay the tax due. The Division will notify you only if we deny your
extension request, but not until after you actually le your return.
Penalties and interest are imposed whenever tax is paid after
the original due date.
Note: An extension payment must include any applicable pro-
fessional corporation (PC) fees and/or installment pay-
ments. See the online application for more information.
Payment of Tax
The balance of tax due must be paid in full by the original due
date of the return.
In addition, corporations are required to make installment pay-
ments of estimated tax. The requirement for making these pay-
ments is based on the amount of the total tax liability shown on
the most recent return.
P.L. 2023, c.96 increased the installment payment
safe harbor in N.J.S.A. 54:10A-15.2 from $375 to
$1,500. See page 1, line 7 instructions for more
information.
How to Pay
To make payments electronically, go to the Division of Taxation’s
website. Taxpayers that do not have access to the internet may
call the Division’s Customer Service Center at (609) 292-6400.
Taxpayers with a prior year liability of $10,000 or more in any
tax are required to make their payments for all taxes by Elec-
tronic Funds Transfer (EFT). For information or to enroll in the
program, visit the Division of Revenue and Enterprise Services’
website, call (609) 292-9292, fax (609) 984-6681, or write to NJ
Division of Revenue and Enterprise Services, EFT Section, PO
Box 191, Trenton, NJ 08646-0191.
Note: Taxpayers who are required to remit payments by EFT
can satisfy the EFT requirement by making e-check or
credit card payments.
Penalties and Interest
Insuciency Penalty. If the amount paid with the Tentative Re-
turn, Form CBT-200-T, is less than 90% of the tax liability com-
puted on Form CBT-100S, or in the case of a taxpayer whose
preceding return covered a full 12-month period, is less than the
amount of the tax computed at the rates applicable to the current
accounting year but on the basis of the facts shown and the law
applicable to the preceding accounting year, the taxpayer may
be liable for a penalty of 5% per month or part of a month not to
exceed 25% of the amount of underpayment from the original
due date to the date of actual payment.
Late Filing Penalty. 5% per month or part of a month on the
amount of underpayment not to exceed 25% of that underpay-
ment, except if no return has been led within 30 days of the
date on which the rst notice of delinquency in ling the return
was sent, the penalty will accrue at 5% per month or part of a
month of the total tax liability not to exceed 25% of such tax lia-
bility. Also, a penalty of $100 for each month the return is delin-
quent may be imposed.
Late Payment Penalty. 5% of the balance of tax due paid after
the due date for ling the return may be imposed.
Interest. The annual interest rate is 3% above the average pre-
dominant prime rate on outstanding balances for every month
or part of a month the tax is unpaid, compounded annually. At
the end of each calendar year, any tax, penalties, and interest
remaining due will become part of the balance on which interest
will be charged. The interest rates assessed by the Division of
Taxation are published online.
Note: The average predominant prime rate is the rate as deter-
mined by the Board of Governors of the Federal Reserve
System, quoted by commercial banks to large businesses
on December 1st of the calendar year immediately pre-
ceding the calendar year in which payment was due or as
redetermined by the Director in accordance with N.J.S.A.
54:48-2.
Collection Fees. In addition, if the tax bill is sent to our col-
lection agency, a referral cost recovery fee of 11% of any tax,
penalties, and interest due will be added to the liability in accor-
dance with N.J.S.A. 54:49-12.3. If a certicate of debt is issued
for the outstanding liability, a fee for the cost of collection of the
tax may also be imposed.
Underpayment of Estimated Tax. To calculate the amount of
interest for the underpayment of estimated tax, complete either
Form CBT-160-A or Form CBT-160-B. If the taxpayer qualies
for any of the exceptions to the imposition of interest for any of
the installment payments, Part II must be completed and submit-
ted with the return as evidence of such exception.
Civil Fraud. If any part of an assessment is due to civil fraud,
there shall be added to the tax an amount equal to 50% of the
assessment in accordance with N.J.S.A. 54:49-9.1.
Transacting Business Without a Certicate of Authority. In
addition to any other liabilities imposed by law, a foreign corpo-
ration that transacts business in this State without a certicate of
authority shall forfeit to the State a penalty of not less than $200,
nor more than $1,000 for each calendar year, not more than 5
years prior thereto, in which it shall have transacted business in
this State without a certicate of authority. N.J.S.A. 14A:13-11(3).
Amended Returns
Beginning with returns for Tax Year 2019 and after, taxpayers
must submit amended returns electronically.
Final Determination of Net Income by Federal Government.
Any change or correction made by the Internal Revenue Ser-
vice must be reported to the Division within 90 days. Amended
NJ-K-1s must be provided to the appropriate shareholders.
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Page 1 Line-by-Line Instructions
Enter the federal employer identication number, New Jersey
corporation number, corporation name and complete address
and ZIP Code in the space provided on the return.
Check the appropriate box to indicate whether this is the initial
return or an amended return.
If ling an amended return, enter the applicable code in the
boxes provided. If using code 10, “Other,” enter the reason in the
lines provided. If more space is needed, include a rider.
1. Change in allocation factor
2. IRS audit
3. Amended federal 1120-S led
4. To take credit for payments/payments made by a
partnership
5. Adjustments to ENI
6. To change credit request to refund request or refund
request to credit request
7. Change in ling period
8. Change in tax credits reported
9. Adding or subtracting a combined return member
10. Other
Note: Taxpayers cannot le an amended return to change the
entity type from an S corporation to a C corporation, or
from a C corporation to an S corporation.
Provide the remaining information requested on the top portion
of the return. The federal business activity code should be taken
from the taxpayer’s federal tax return. Provide the location of the
corporate books as well as a contact person and phone num-
ber. If the corporation is a professional corporation, is claiming
P.L. 86-272, or is a qualied subchapter S subsidiary, check the
box and enter parent ID number. See Corporations Required to
File on page 1 for required forms and schedules.
All corporations must complete page 1, the Annual General
Questionnaire, Schedules A, A-2, A-3, A-4, J, and SJC (if it has
not been previously provided) of the return.
Line 1 – Taxable Net Income Subject to Federal Corporate
Income Taxation
Enter amount from Schedule A, Part II, line 5. If zero or less,
enter zero.
Line 2a – Amount of Tax
Multiply line 1 by the applicable tax rate:
• If the total of Schedule A, Part II, line 5 plus Schedule O,
Part III, line 31 (if applicable) is greater than $100,000, the
tax rate is 9% (.09).
• If the total of Schedule A, Part II, line 5 plus Schedule O,
Part III, line 31 (if applicable) is greater than $50,000 and
less than or equal to $100,000, the tax rate is 7.5% (.075).
Tax periods of less than 12 months qualify for the 7.5% rate
if the prorated total of Schedule A, Part II, line 5 plus Sched-
ule O, Part III, line 31 does not exceed $8,333 per month.
• If the total of Schedule A, Part II, line 5 plus Schedule O,
Part III, line 31 (if applicable) is $50,000 or less, the tax
rate is 6.5% (.065). Tax periods of less than 12 months qualify
for the 6.5% rate if the prorated total of Schedule A, Part II,
line 5 plus Schedule O, Part III, line 31 does not exceed
$4,166 per month.
For taxpayers with total entire net income that is not subject to
federal income taxation or such portion that is allocable to New
Jersey, there is no tax imposed. However, minimum tax require-
ments apply.
Line 2b – Total Minimum Tax
Enter the total minimum tax. Schedule A-GR has been
discontinued. All taxpayers must complete Sched-
ule J.
The minimum tax is assessed based on the New Jersey gross
receipts from Schedule J, line 6 as follows:
New Jersey Gross Receipts Minimum Tax
Less than $100,000 $375
$100,000 or more but less than $250,000 $562
$250,000 or more but less than $500,000 $750
$500,000 or more but less than $1,000,000 $1,125
$1,000,000 or more $1,500
If a taxpayer is ling a separate return and is a member of an
aliated or controlled group (as per I.R.C. § 1504 or § 1563)
that has a total payroll of $5,000,000 or more for the tax year,
the minimum tax is $2,000 regardless of the amount of the tax-
payer’s New Jersey gross receipts. Tax years of less than 12
months are subject to the higher minimum tax if the prorated
total payroll exceeds $416,667 per month. Total payroll refers to
the total payroll of the aliated group rather than total New Jer-
sey payroll of a single corporation. Taxpayers that are members
of an aliated or controlled group must submit a schedule of
payroll per member and a copy of the taxpayer’s federal alia-
tions schedule, Form 851, with the return.
The minimum tax cannot be prorated. In general, zero (0)
returns are not permitted.
Line 3 – Tax Credits
Enter amount from Schedule A-3, Part I, line 30. Include the ap-
plicable credit form(s) with the return. See Schedule A-3 instruc-
tions for more information.
Line 4 – Tax Liability
Subtract line 3 from the greater of line 2a or 2b.
Note: The surtax does not apply to New Jersey S corporations.
Line 5 – Installment Payment
Taxpayers are required to make installment payments of esti-
mated tax. The requirement for making these payments is based
on the amount of the total tax liability shown on the most recent
return.
For tax years ending on and after July 31, 2023, the
threshold for making installment payments is $1,500.
• If the 2023 total tax liability is greater than $1,500, the tax-
payer must make installment payments towards 2024. These
payments are to be made electronically on Form CBT-150
and are due on or before the 15th day of the 4th, 6th, 9th, and
12th months of the tax year. Taxpayers with gross receipts
greater than or equal to $50,000,000 must make installment
payments on the 15th day of the 4th, 6th, and 12th months of
the tax year. Information on making these payments can be
found on the Division’s website.
• If the 2023 total tax liability is $1,500, installment payments
may be made as indicated above OR in lieu of making install-
ment payments, the taxpayer may make a payment of 50%
of the 2023 total tax liability. For taxpayers who qualify and
want to take advantage of this option, enter on line 5, 50% of
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the amount on line 4. This will become part of the payment to
be made with the 2023 return and installment payments will
not be required. This payment should be claimed as a credit
when ling the 2024 return.
Line 6 – Professional Corporation Fees
Enter amount from Schedule PC, Part II, line 7.
Note: Check the box on page 1 to indicate the corporation is a
professional corporation.
See Schedule PC instructions for information about ling re-
quirements and examples of professional corporations.
Line 7 – Total Tax and Professional Corporation Fees
Enter the total of lines 4, 5, and 6.
Line 8a – Payments and Credits
Include on this line:
• Installment tax payments made for 2023;
• Amounts paid with tentative return (form CBT-200-T);
• Any overpayment from the preceding tax return that the tax-
payer elected to have credited to the current year’s tax. Do
not include any amount of the overpayment that the taxpayer
elected to have refunded.
Note: Professional corporation installment payments from the
prior year may not be used to oset any current year tax
liability and are not eligible for refund.
Line 8b – Payments Made by Partnerships
Include the total payments made by partnerships on behalf of
the taxpayer that are reported in column 7 on Schedule P-1.
Submit copies of the NJK-1s or K-1s (as applicable) reecting
payments made by each partnership entity.
Line 8c – Refundable Tax Credits
Enter the amount from Schedule A-3, Part II, line 6. Include the
applicable credit form(s) with the return. See Schedule A-3 in-
structions for more information.
Line 9 – Balance of Tax Due
If line 8d is less than line 7, subtract line 8d from line 7 and enter
the dierence. If line 8d is more than line 7, skip line 9 and con-
tinue with line 10.
Line 10 – Pro Rata Share of S Corp Income for Nonconsent-
ing Shareholders
Enter the amount from Schedule K, Part VII, line 6, column C. If
the S corporation was completely liquidated during the tax year
and Schedule K Liquidated was completed, add the amounts
from Part VII, line 6 columns C and E and enter the total.
Line 11a – Gross Income Tax Paid on Behalf of Nonconsent-
ing Shareholders
Enter the amount from Schedule K, Part VII, line 6, column F. If
the S corporation was completely liquidated during the tax year
and Schedule K Liquidated was completed, enter the amount
from Part VII, line 6, column H. The tax rate on net pro rata
share of S corporation income allocated to New Jersey for non-
consenting shareholders is 10.75% (.1075).
Note: The S corporation cannot make payments on behalf of
consenting shareholders. Any payments made on behalf
of consenting shareholders will be disallowed by the Di-
vision. The S corporation will be required to le a refund
claim for any payments made on behalf of consenting
shareholders.
Line 11b – Pass-Through Business Alternative Income Tax
Credit Applied to Gross Income Tax Paid on Behalf of Non-
consenting Shareholders
Enter the amount from Form 329. Do not enter more than the
amount on line 11a. Include Form 329 with the return. See Form
329 instructions for more information.
Line 11c – Balance of Tax Paid on Behalf of Nonconsenting
Shareholders
Subtract line 11b from line 11a and enter the result.
Line 12 – Penalty and Interest Due
Include any penalties and interest. See the Penalties and Inter-
est section for information.
Amount Due or Overpayment - Lines 13–17
Compare line 8d to the total of lines 7, 11c, and 12.
• If line 8d is less than the total of lines 7, 11c, and 12, com-
plete line 13.
• If line 8d is more than the total of lines 7, 11c, and 12, com-
plete lines 14 through 17.
Line 13 – Total Balance Due
Enter the total of lines 9, 11c, and 12.
Line 14 – Amount Overpaid
Subtract the total of lines 7, 11c, and 12 from the amount on
line 8d.
Line 15 – Refund
Enter the amount of your overpayment that you want refunded.
Line 16 – Credit to 2024
Enter the amount of your overpayment that you want to credit to
your 2024 tax liability.
Line 17 – Credit to a Combined Group
Enter the amount of your overpayment that you want to credit to
a combined group. Also include the unitary ID Number and tax
return year to which it is to be applied.
Note: An overpayment of tax by a New Jersey S corporation
can only be credited to a combined group in which the
New Jersey S corporation elects to be included. Other-
wise, an overpayment of tax by a New Jersey S corpo-
ration will not be credited to any combined group. For
information on federal S corporations ling as New Jersey
C corporations, see TB-105 and Answers to Frequently
Asked Questions on the New Jersey S Corporation Pro-
cedural Changes.
Certication of Inactivity
Inactive corporations must complete page 1, the Annual General
Questionnaire, Schedules A, A-2, A-3, A-4, J, and SJC (if not
previously submitted) of the CBT-100S. A corporate ocer must
sign and certify that the corporation did not conduct any busi-
ness, did not have any income, receipts, or expenses, and did
not own any assets during the entire period covered by the tax
return.
Signature
Each return must be signed by an ocer of the corporation who
is authorized to attest to the truth of the statements contained
therein and to acknowledge that they understand they are re-
quired to include copies of their federal return(s), forms, and
schedules. The fact that an individual’s name is signed on the
return shall be prima facie evidence that such individual is au-
thorized to sign the return on behalf of the corporation.
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Tax preparers who fail to sign the return or provide their as-
signed tax identication number shall be liable for a $25 penalty
for each such failure. If the tax preparer is not self-employed,
the name of the tax preparer’s employer and the employer’s tax
identication number should also be provided. In the case of a
corporation in liquidation or in the hands of a receiver or trustee,
certication shall be made by the person responsible for the con-
duct of the aairs of such corporation.
Annual General Questionnaire
All taxpayers must answer all questions on this schedule. If nec-
essary, include a rider detailing the information requested in the
questions.
Schedule A
Computation of Taxable Net Income
Every taxpayer must complete this schedule.
Taxpayers must include a copy of the federal
return and any forms or schedules that accompa-
nied the return that was led with the Internal Rev-
enue Service. Failure to include the forms and
schedules will result in an incomplete New Jersey Corpora-
tion Business Tax return and the taxpayer may be assessed
penalties and interest for noncompliance. See Technical Bul-
letin, TB-98, Federal Return and the Forms and Schedules to
Include with the Corporation Business Tax Return.
Part I
Cannabis Licensees. The income of a taxpayer, that
is registered as a cannabis licensee with New Jersey,
shall be determined without regard to 26 U.S.C.
s.280E. However, Schedule A, Part I must be completed using
the amounts that were reported for federal purposes. The tax-
payer will calculate the expenditures that would have been eligi-
ble to be claimed as a federal income tax deduction (but that
were disallowed for federal purposes because cannabis is a
controlled substance under federal law) and include those
amounts in New Jersey modications to entire net income in
Part II. The taxpayer must attach a rider detailing the math and
the deductions being claimed.
Line 4 – Net gain (loss) from Form 4797
Include a rider or schedules showing the same information
shown on federal Form 4797. Gains and losses resulting from
the disposition of property where an I.R.C. § 179 expense de-
duction was passed through to S corporation shareholders are
not reported on federal Form 4797, and should be reported on
Schedule A, Part I, line 26. If a sale of shares of stock or partner-
ship interest resulted in a taxable transfer of a controlling interest
in certain commercial real property under N.J.S.A. 54:15C-1,
indicate on a rider.
Line 13 – Interest
Include a copy of federal Form 8916A and/or federal Form 8990
if completed.
Line 21 – Ordinary Income From Trade or Business
Activities
The amount on line 21 must agree with line 22, page 1, of the
taxpayer’s federal Form 1120-S.
If the corporation has not led a separate federal income tax
return, the taxpayer must explain and reconcile the dierences
on a rider.
Lines 22a to 30 – Include all items of income and expense that
pass through to the individual shareholders as reported on the
federal Schedule K. Be sure to report Part I, lines 26, 27, and 28
as deductions.
Charitable contributions are limited to 10% of taxable income
for New Jersey purposes and should be stated separately on
line 30.
Built-in gains must be reported on Part I, line 23d as a gross
amount exclusive of any net eects of taxes paid by the
corporation.
Line 31 – The amount on line 31 must reect entire net income
in the same manner and to the same extent as reported for fed-
eral purposes
Line 33 – Interest on federal, state, municipal, and other
obligations
Include any interest income that was not taxable for federal in-
come tax purposes and was not included in taxable net income
reported on Part I, line 31.
Line 34 – New Jersey State and other states taxes
Enter the total taxes paid or accrued to the United States, a
possession or territory of the United States, a state, a political
subdivision thereof, or the District of Columbia, or to any foreign
country, state, province, territory or subdivisions thereof, on or
measured by prots or income, business presence or business
activity, or any sales and use tax paid by a utility vendor, taken
as a deduction on Schedule A and reected on Part I, line 31.
For additional information, see Technical Bulletin TB-80, Add-
back of Other States’ Taxes, and the Schedule H instructions.
Line 35 – Taxes paid by the corporation on behalf of the
shareholder
Any tax paid by the corporation on behalf of any shareholder
should not have been deducted as an expense on Schedule A.
However, if the corporation expensed such taxes on Schedule A,
these taxes must be included in Part I, line 34.
Line 36a – Depreciation modication being added to income
Enter the depreciation and other adjustments being added to
income from Schedule S. See Schedule S instructions for more
information.
Line 36b – Depreciation modication being subtracted from
income
Enter the depreciation and other adjustments being subtracted
from income if Schedule S, line 15 is a negative number. Enter
the amount as a positive number. Schedule S instructions for
more information.
Line 37 – Dividend Exclusion
Enter the amount from Schedule R, line 9.
Line 38a – I.R.C. § 78 Gross-up
The portion of any I.R.C. § 78 gross-up included in dividend
income on Part I, line 23b that is not excluded/deducted from
entire net income on Part I, line 43 may be deducted on this line.
Include a copy of federal foreign tax credit, Form 1118.
Line 38b – Other deductions and additions
This includes, but is not limited to:
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• Adjustments for which a place has not been provided some-
where else on the return;
• Gross income, less deductions and expenses in connection
with that income, from sources outside the United States not
included in federal taxable income;
• The net eect of the elimination of nonoperational and non-
unitary partnership income and expenses from Schedule O,
Part I, line 36;
• The add back of any deductions for research and experimen-
tal expenditures, to the extent that those research and experi-
mental expenditures are qualied research expenses or basic
research payments for which an amount of credit is claimed
pursuant to section 1 of P.L.1993, c.175 (C.54:10A-5.24)
unless those research and experimental expenditures are
also used to compute a federal credit claimed pursuant to
I.R.C. § 41.
• A New Jersey cannabis licensee is allowed to deduct their
expenditures that would be eligible to be claimed as a fed-
eral income tax deduction but were disallowed for federal
purposes because cannabis is a controlled substance under
federal law. Attach a rider detailing the calculations and the
deductions claimed.
• A New Jersey cannabis licensee is allowed to deduct their
expenditures that would qualify as qualied research expen-
ditures pursuant to section 174 of the Internal Revenue Code,
but were disallowed for federal purposes because cannabis is
a controlled substance under federal law. Additionally any ex-
penditure that is claimed as a deduction may also be claimed
as a qualied research expense for purposes of the New
Jersey Research and Development Tax Credit on Form 306.
Attach a rider detailing the calculations.
• Deduction for energy ecient commercial buildings. Include a
copy of federal Form 7205.
Include separate riders explaining any items reported.
Line 38c – Other federally exempt income
For tax years beginning on and after January 1, 2018, all income
that was exempt for federal income tax purposes under any pro-
vision of the Internal Revenue Code or any federal law must be
added back. If such amounts were not added back on any other
line of Schedule A, include such amounts on Part I, line 38c and
include a rider detailing the amounts and the provisions of the
Internal Revenue Code.
Note: Items of income excluded from federal taxable net income
pursuant to the specic terms of a treaty do not have to
be added back to entire net income.
Line 39 – Entire net income/(loss) for New Jersey purposes
Enter the net of lines 32 through 38c.
Note: The amount reported on Schedule A, line 36b must be
subtracted when netting lines 32 through 38c.
Line 40 – Allocation Factor from Schedule J
All taxpayers must complete Schedule J. Enter allocation fac-
tor from Schedule J. See Schedule J instructions for more
information.
Line 41 – Allocated entire net income/(loss) before net oper-
ating loss deductions
Multiply line 39 by line 40 and enter the result. If zero or less,
also enter zero on line 43.
Note: A net operating loss for a tax year may be carried forward
as a net operating loss deduction to a succeeding year.
An S corporation may carry forward losses generated as
a C corporation. A net operating loss is the excess of al-
lowable deductions over gross income used in computing
entire net income. A net operating loss deduction is not
an allowable deduction in computing a net operating loss.
Post-allocation net operating losses expire 20 privilege
periods after the loss was originally generated. Informa-
tion on the net operating losses must be detailed on Form
500S.
Information on NOL deductions is available online.
See TB-94 for tax years ending on and after July
31, 2019.
Line 42 – Deduction for current converted net operation
losses
Enter the amount of current converted net operating losses from
Form 500S.
Line 43 – Allocated Entire Net Income
Subtract line 42 from line 41 and enter the result.
Part II
Line 1 – Entire net income that is subject to federal corpo-
rate income taxation
Line 1 must reect the income used as a basis in determining
the federal tax payable by the corporation as reported on fed-
eral Form 1120-S, such as certain built-in gains, net passive
income, etc. Built-in gains must be reported on line 23d as a
gross amount exclusive of any net eects of taxes paid by the
corporation.
Line 2 – Allocation Factor
Enter the allocation factor from Schedule J.
Line 3 – Allocated Entire Net Income before net operating
loss deductions
Multiply line 1 by line 2.
Line 4 – Deduction for Available Converted Net Operation
Losses
A taxpayer may use their New Jersey net operating loss deduc-
tions against their allocated entire net income that is subject to
federal corporate income taxation. Enter the amount of net oper-
ating loss deduction from Form 500S.
Line 5 – Taxable Net Income subject to federal corporate
income taxation
Subtract line 4 from line 3 and also enter the result on page 1,
line 1.
Schedule A-2
Cost of Goods Sold
The amounts reported on this schedule must be the same as
the amounts reported on the taxpayer’s federal Form 1125-A of
the federal pro forma or federal return, whichever is applicable.
Include Form 1125-A with the return.
Schedule A-3
Summary of Tax Credits
This schedule must be completed if any tax credits are being
claimed for the current tax period. Any tax credit(s) claimed on
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this schedule must be documented with a valid New Jersey Cor-
poration Business Tax credit form and must be included with the
tax return. See page 15 for a list of available credit forms and for
instructions on obtaining them. If the taxpayer is claiming a valid
tax credit that is allowable in accordance with the New Jersey
Corporation Business Tax Act for which a place has not been
provided somewhere else on the schedule, report the amount on
the “Other” line in the appropriate section of Schedule A-3.
Taxpayers must include the appropriate credit
form in the year the credit was earned even if they
are not claiming the credit on their tax return.
Part I – Tax Credits Used Against Liability
The total on line 30 must equal the amount reported on page 1,
line 3. Amounts to be entered are calculated on the credit forms.
See the specic New Jersey Corporation Business Tax credit
form for information about each credit.
Note: Most tax credits cannot reduce the tax liability below the
minimum tax. However, there are rare instances where it
can. Follow the instructions on the credit form regarding
how and where to record the information to ensure the
credit is properly osetting the tax liability.
Part II – Refundable Tax Credits
If the credit form calculates an amount to be refunded, enter the
refundable portion on the appropriate line. The total on line 6
must equal the amount reported on page 1, line 8c.
Schedule A-4
Summary Schedule
Every corporation must complete this schedule. Report the infor-
mation on each line of Schedule A-4 from the return schedules
indicated. All lines must be completed as applicable.
Schedule A-GR
Schedule A-GR has been discontinued. All taxpayers
must complete Schedule J.
Schedule B
Balance Sheet
Every taxpayer must complete this schedule. The amounts re-
ported must be the same as the year-end gures shown on the
taxpayer’s books. Where applicable, data must match amounts
reported on Schedule L of the federal pro forma or federal return.
If not, explain and reconcile on rider. Consolidated information is
not permitted on separate returns. If the taxpayer is included in
a consolidated federal income tax return, this schedule must be
completed by the taxpayer on its own separate basis.
Schedule F
Corporate Ocers – General Information and
Compensation
All applicable information should be provided for each corporate
ocer regardless of whether compensation was received. The
data reported on Schedule F must match what is reported on
federal Form 1125-E. Include Form 1125-E with your return.
Schedule G
Schedule G has been discontinued.
Schedule H
Taxes
Itemize all taxes that were in any way deducted in arriving at tax-
able net income, whether reected in Schedule A, Part I at line 2
(Cost of goods sold and/or operations), line 12 (Taxes), line 19
(Other deductions) or anywhere else on Schedule A.
Schedule J
Computation of Allocation Factor
All taxpayers must complete this schedule.
Only activities related to operational activity are to be used in
computing the general allocation factors. If the taxpayer has
nonoperational activity, see Schedule O. If the taxpayer has non-
unitary partnership income, see Schedule P-1.
Lines 1–5 – Receipts Fraction
Receipts from sales of tangible personal property are allocated
to New Jersey if the goods are shipped to points within New Jer-
sey. Receipts from the sale of goods are allocable to New Jersey
if shipped to a New Jersey or a non-New Jersey customer where
possession is transferred in New Jersey. Receipts from the sale
of goods shipped to a taxpayer from outside New Jersey to a
New Jersey customer by a common carrier are allocable to New
Jersey. Receipts from the sale of goods shipped from outside
New Jersey to a New Jersey location where the goods are
picked up by a common carrier and transported to a customer
outside New Jersey are not allocable to New Jersey. Receipts
from the following are allocable to New Jersey: services per-
formed if the benet of the service is received in New Jersey;
rentals from property situated in New Jersey; royalties from the
use in New Jersey of patents, copyrights, and trademarks; all
other business receipts earned in New Jersey.
Services are sourced based on market sourcing.
Receipts from Sales of Capital Assets. Receipts from sales
of capital assets (property not held by the taxpayer for sale to
customers in the regular course of business), either within or
outside New Jersey, should be included in the numerator and
the denominator based on the net gain recognized and not on
gross selling prices. If the taxpayer’s business is the buying and
selling of real estate or the buying and selling of securities for
trading purposes, gross receipts from the sale of such assets
should be included in the numerator and the denominator of the
receipts fraction.
Note: The amount of dividends (deemed and/or paid dividends)
excluded from entire net income pursuant to N.J.S.A.
54:10A-4(k)(5), are not included in the numerator or de-
nominator of the receipts fraction. However, the dividend
(deemed and/or paid dividends) values that are not ex-
cluded are included in the numerator or denominator.
GILTI is now treated as a dividend for New Jersey
purposes and is reported on the dividends and
other inclusions line (Schedule A, Part I, line 23b).
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Line 8 – Allocation Factor
Divide line 6 (New Jersey based receipts) by line 7 (Total Re-
ceipts everywhere) and enter the result. When computing the
allocation factor in Schedule J, division must be carried to six (6)
decimal places, e.g., 0.123456.
Schedule K
Shareholders’ Shares of Income, Deductions, Etc.
If the S corporation was completely liquidated during the tax
year, see the instructions for Schedule K Liquidated.
Part I
Line 1 – Enter the total number of shareholders as of the closing
date of this return.
Line 2 – Enter the total number of nonresident shareholders in-
cluded on line 1 above.
Lines 3a and b – Enter the total number of nonconsenting
shareholders included on line 1 and the percentage of stock
owned as of the closing date of this return. This number must
match the number reported on Schedule SJC. See Schedule
SJC for more information.
Part II – New Jersey S Corporation Income (Loss)
Lines 2a–2l – Enter the amounts of income or loss as reported
on the corresponding lines of your federal Form 1120-S, Sched-
ule K.
On line 2i, report any gains or losses from the disposition of
property in which a section 179 expense was claimed and
passed through to the S corporation shareholders.
Lines 4a–4e Additions
Line 4a – Enter any State and municipal interest income that
was not included in line 3. Do not include interest received or
credited from obligations of the State of New Jersey or any of its
political subdivisions.
Line 4b – Enter the total taxes paid or accrued to the United
States, a state, a political subdivision thereof, or the District
of Columbia on or measured by prots or income, or business
presence or business activity, including income taxes paid or
accrued by the corporation on behalf of, or in satisfaction of
the liabilities of, the shareholders of the corporation, taken as a
deduction on the CBT-100S, Schedule A and reected in line 3,
Part II of Schedule K.
Line 4c – Enter all interest on indebtedness incurred or contin-
ued, expenses paid and incurred to purchase, carry, manage or
conserve, and expenses of collection of the income or gain from
obligations the income or gain from which is deductible pursuant
to N.J.S.A. 54A:6-14 and 6-14.1, and reected in line 3, Part II of
Schedule K.
Line 4d – Enter any losses reected in line 3 that are not de-
ductible for New Jersey Gross Income Tax purposes pursuant to
N.J.S.A. 54A:6-14 and 6-14.1, i.e., losses from exempt federal
obligations and/or obligations of the State of New Jersey or its
political subdivisions.
Lines 6a–g Subtractions
Line 6a – Enter any interest income reected in line 3 that is not
subject to New Jersey Gross Income Tax pursuant to N.J.S.A.
54A:6-14 and 6-14.1, i.e., interest income on exempt federal
obligations.
Line 6b – Enter any gains reected in line 3 that are not subject
to New Jersey Gross Income Tax pursuant to N.J.S.A. 54A:6-14
and 6-14.1, i.e., gains or losses from exempt federal obligations
and/or obligations of the State of New Jersey or its political
subdivisions.
Line 6c – I.R.C. Section 179 expenses from federal Schedule K.
Line 6d – 50% of business meal expenses and 100% of enter-
tainment expenses not deductible for federal purposes.
Line 6e – Charitable contributions from federal Schedule K.
Line 6f – Include any expenses to generate federal tax-exempt
income that is taxable for New Jersey Gross Income Tax pur-
poses. Submit a schedule. Also include any other items that are
excludable or deductible from S corporation income under the
New Jersey Gross Income Tax Act.
Note: For tax years beginning on or after January 1, 2018,
I.R.C. Section 199 has been repealed for federal pur-
poses and no deduction is allowed for New Jersey pur-
poses. For New Jersey Corporation Business Tax and
Gross Income Tax purposes, the I.R.C. Section 199A
is disallowed for tax years beginning on and after
January 1, 2018.
Line 7 – For tax years beginning on or after January 1, 2004, if
the federal special bonus depreciation allowance or I.R.C. Sec-
tion 179 expense were deducted for assets placed in service
on or after January 1, 2004, then a New Jersey depreciation
adjustment is required. Use Gross Income Tax Depreciation
Adjustment Worksheet, GIT-DEP, to calculate the depreciation
adjustment for the assets’ initial years and for subsequent years
until property is fully depreciated or disposed of; for adjustments
to federal Section 179 recapture income; and for adjustments to
the gain or loss from disposition of such assets. Enter the results
on this line. Worksheet GIT-DEP is available on the Division’s
website.
Part III – Allocation of S Corporation Income
(Loss)
Line 1a – If you have completed Schedule O, Nonoperational
Activity, enter the amount reported on Part I, line 34, of Sched-
ule O. If you have not completed Schedule O, enter zero on this
line. If the nonoperational income has already been deducted
from line 1 via adjustments made in Part II, make no adjust-
ments on this line.
Line 1b – Enter the net eect of the elimination of nonunitary
partnership income and expenses from Schedule P-1, Part II,
line 4.
Line 5 – If you have completed Schedule O, Nonoperational
Activity, enter the amount reported on Part III, line 31, column C,
Total Allocated New Jersey Portion. If you have not completed
Schedule O, enter a zero on this line.
Line 7 – Subtract page 1, line 3 from page 1, line 2a. If the result
is less than zero, enter zero. Do not enter a negative number.
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Part IV-A – Analysis of New Jersey Accumulated
Adjustments Account (AAA)
This account reects New Jersey S corporation earnings.
Note: If applicable, the allocation percentage from Schedule K,
Part III, line 3 should be used for all allocated amounts
indicated below.
Column A – New Jersey AAA, includes:
• Resident – All items of income, loss, reduction, or distribution
regardless of where it is generated (include both allocated
and non-allocated amounts). Allocated and non-allocated
amounts refer to the corporation’s New Jersey allocation
factor.
• Nonresident – Items of income, loss, reduction, or distribu-
tion generated from New Jersey sources (include allocated
amounts only).
Column B – Non-New Jersey AAA, includes:
• Resident – No items.
• Nonresident – Items of income, loss, reduction, or distri-
bution generated from non-New Jersey sources (include
non-allocated amounts only).
Line 1 – Enter the prior year ending balance of the New Jersey
Accumulated Adjustments Account (AAA). For the rst year as
a New Jersey S corporation, the beginning balance of the New
Jersey AAA account will be zero.
Line 2 – Enter the net pro rata share of allocated and non-al-
located S corporation income or loss for resident shareholders
and the net pro rata share of allocated S corporation income for
nonresident shareholders.
Line 3 – Enter the total of the allocated and non-allocated
tax-exempt income or loss for resident shareholders and the al-
located tax-exempt income or loss for nonresident shareholders.
Line 4 – Enter the total of the allocated and non-allocated
other reduction(s) for resident shareholders and the allocated
other reduction(s) for nonresident shareholders. Other reduc-
tions include taxes based on income paid by the S corporation
(the taxes added back on Schedule K, Part II, line 4b), health
or life insurance paid by the S corporation, nes and penalties
paid by the S corporation, and club dues paid by the S corpo-
ration. Also, other reductions should include any other adjust-
ments for expenses that are nondeductible for federal income
tax purposes in determining income but must be taken into
consideration in calculating the ending balance of AAA in the
year the expenses are incurred or paid, and are not already in-
cluded in Schedule K, Part II. Provide a schedule detailing other
reductions.
Line 5 – Enter the total of lines 1, 2, 3, and 4.
Line 6 – Enter the total of the allocated and non-allocated
distribution(s) for the resident shareholder and the allocated dis-
tribution(s) for the nonresident shareholder. Federal rules gov-
erning distributions must be followed.
Part IV-B – New Jersey Earnings and Prots
Account
This account reects New Jersey C corporation earnings.
Line 1 – Enter the beginning balance of the New Jersey E & P
account. For the rst year as a New Jersey S corporation, the
beginning balance of the earnings and prots account will be
the retained earnings of the corporation prior to becoming an S
corporation. If the retained earnings of the corporation prior to
becoming an S corporation is a negative amount, enter zero.
Line 2 – Enter any additions or adjustments that must be made
for federal income tax purposes.
Line 3 – Enter any dividends paid during the tax year from the
earnings and prots account. See instructions for Part IV-A,
line 6.
Parts V, VI, and VII
Complete Parts V, VI, and VII including shareholders’ full names
and Social Security numbers. List all shareholders in the S
corporation receiving either a federal or New Jersey K-1. If addi-
tional space is required, include separate schedules in the exact
format for the additional shareholders.
Part V –
For resident shareholders, indicate their pro rata share
of S corporation income/loss from all sources in column C, and
the actual total amount of distributions, whether in cash and/or
property, in column D.
Complete column E only if all shareholders are individuals, es-
tates, or trusts. If you indicate on Form 329, Part I, line 13 that
the Share of Pass-Through Business Alternative Income Tax will
be allocated to the shareholders, enter in column E each share-
holder’s share of the amount from Form 329, Part I, line 13.
Part VI – For consenting nonresident shareholders, indicate
the income/loss allocated to New Jersey in column C, and the
income/loss not allocated to New Jersey in column D and the
actual total amount of distributions, whether in cash and/or prop-
erty, in column E.
Complete column F only if all shareholders are individuals, es-
tates, or trusts. If you indicate on Form 329, Part I, line 13 that
the Share of Pass-Through Business Alternative Income Tax will
be allocated to the shareholders, enter in column F each share-
holder’s share of the amount from Form 329, Part I, line 13.
Part VII – For nonconsenting shareholders, indicate the income/
loss allocated to New Jersey in column C and the income/loss
not allocated to New Jersey in column D. Enter on page 1, lines
10 and 11 of the CBT-100S, the totals reported from Part VII,
column C, the income allocated to New Jersey, and column F,
Gross Income Tax Paid, respectively. If the income allocated
to New Jersey is a loss, enter a zero (0) on lines 10 and 11 on
page 1 of the CBT-100S.
Complete column G only if all shareholders are individuals, es-
tates, or trusts. If you indicate on Form 329, Part I, line 13 that
the Share of Pass-Through Business Alternative Income Tax will
be allocated to the shareholders, enter in column G each share-
holder’s share of the amount from Form 329, Part I, line 13.
Schedule K Liquidated
Shareholders’ Shares of Income, Deductions, Etc.
Special Instructions for S corporations completely liquidated
during the tax year – Under N.J.A.C. 18:35-1.5(k)2, a complete
liquidation of an S corporation is deemed to occur in the tax
year when all of the S corporation’s assets have been sold or
deemed to have been sold, exchanged, disposed, or distributed
and all of the S corporation’s stock has been sold, exchanged, or
disposed. If both of these criteria are met and the S corporation
was completely liquidated during the tax year, Schedule K Liqui-
dated must be prepared instead of Schedule K.
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Column A – S Corporation Income, Gains, Losses Prior to Dis-
position of Assets: List in column A the income, gains, losses,
and New Jersey adjustments from and applicable to the S cor-
poration’s operations, activities, and transactions prior to the
complete sale, exchange, or other disposition of all of the S cor-
poration’s assets. The total will be reported on the shareholders’
Schedule NJ-K-1 as “Pro rata share of S corporation income/
loss.”
Column B – Income, Gains, Losses from Disposition of Corpo-
rate Assets: List in column B the income, gains, losses, and New
Jersey adjustments derived from and applicable to the S corpo-
ration’s complete sale, deemed sale, exchange, distribution, or
other disposition of all of its assets. The total will be reported on
the shareholders’ Schedule NJ-K-1 as “Total gain/loss from the
disposition of assets.”
Part I
Line 1 – Enter the total number of shareholders as of the closing
date of this return.
Line 2 – Enter the total number of nonresident shareholders in-
cluded on line 1 above.
Lines 3a and 3b – Enter the total number of nonconsenting
shareholders included on line 1 and the percentage of stock
owned as of the closing date of this return. This number must
match the number reported on Schedule SJC. See Schedule
SJC for more information.
Line 4 – Enter the date the assets were fully disposed.
Line 5 – Enter the date the shareholders’ stock was fully
disposed.
Part II – New Jersey S Corporation Income (Loss)
Lines 2a–2e, 2h, 2k, and 2l – Enter the amounts of income or
loss as reported on the corresponding lines of your federal Form
1120-S, Schedule K.
Lines 2f, 2g, 2i, and 2j – In column A, enter the amounts ap-
plicable to operations and transactions prior to the complete
disposition of corporate assets. In column B, enter the amounts
applicable to the complete disposition of corporate assets.
On line 2i report any gains or losses from the disposition of
property in which a section 179 expense was claimed and
passed through to the S corporation shareholders.
Lines 4a–4e Additions
Line 4a – Enter any State and municipal interest income that
was not included in line 3. Do not include interest received or
credited from obligations of the State of New Jersey or any of its
political subdivisions.
Line 4b – Enter the total taxes paid or accrued to the United
States, a state, a political subdivision thereof, or the District
of Columbia on or measured by prots or income, or business
presence or business activity, including income taxes paid or
accrued by the corporation on behalf of, or in satisfaction of
the liabilities of, the shareholders of the corporation, taken as a
deduction on the CBT-100S, Schedule A and reected in line 3,
Part II of Schedule K Liquidated.
Line 4c – Enter all interest on indebtedness incurred or contin-
ued, expenses paid and incurred to purchase, carry, manage or
conserve, and expenses of collection of the income or gain from
obligations the income or gain from which is deductible pursuant
to N.J.S.A. 54A:6-14 and 6-14.1, and reected in line 3, Part II of
Schedule K Liquidated.
Line 4d – Enter any losses reected in line 3 that are not de-
ductible for New Jersey Gross Income Tax purposes pursuant to
N.J.S.A. 54A:6-14 and 6-14.1, i.e., losses from exempt federal
obligations and/or obligations of the State of New Jersey or its
political subdivisions.
Line 4e – In column A, enter the amounts applicable to opera-
tions and transactions prior to the complete disposition of cor-
porate assets. In column B, enter the amounts applicable to the
complete disposition of corporate assets.
Lines 6a–6f Subtractions
Line 6a – Enter any interest income reected in line 3 that is not
subject to New Jersey Gross Income Tax pursuant to N.J.S.A.
54A:6-14 and 6-14.1, i.e., interest income on exempt federal
obligations.
Line 6b – Enter any gains reected in line 3 that are not subject
to New Jersey Gross Income Tax pursuant to N.J.S.A. 54A:6-14
and 6-14.1, i.e., gains or losses from exempt federal obligations
and/or obligations of the State of New Jersey or its political
subdivisions.
Line 6c – I.R.C. Section 179 expenses from federal Schedule K.
Line 6d – 50% of business meal expenses and 100% of enter-
tainment expenses not deductible for federal purposes.
Line 6e – Charitable contributions from federal Schedule K.
Line 6f – In column A, enter the amounts applicable to oper-
ations and transactions prior to the complete disposition of
corporate assets. In column B, enter the amounts applicable to
the complete disposition of corporate assets. Include any other
items that are excludable or deductible from S corporation in-
come under the New Jersey Gross Income Tax Act.
Note: For tax years beginning on or after January 1, 2018,
I.R.C. Section 199 has been repealed for federal pur-
poses and no deduction is allowed for New Jersey pur-
poses. For New Jersey Corporation Business Tax and
Gross Income Tax purposes, the I.R.C. Section 199A is
disallowed for tax years beginning on and after January 1,
2018.
Line 7 – For tax years beginning on or after January 1, 2004, if
the federal special bonus depreciation allowance or I.R.C. Sec-
tion 179 expense were deducted for assets placed in service
on or after January 1, 2004, then a New Jersey depreciation
adjustment is required. Use Gross Income Tax Depreciation
Adjustment Worksheet, GIT-DEP, to calculate the depreciation
adjustment for the assets’ initial years and for subsequent years
until property is fully depreciated or disposed of; for adjustments
to federal Section 179 recapture income; and for adjustments
to the gain or loss from disposition of such assets. Enter the
results on this line. This worksheet is available on the Division’s
website.
Part III – Allocation of S Corporation Income
(Loss)
Line 1a – If you have completed Schedule O, Nonoperational
Activity, enter the amount reported on Part I, line 34, of Sched-
ule O. If you have not completed Schedule O, enter zero on this
line. If the nonoperational income has already been deducted
from line 1 via adjustments made in Part II, make no adjust-
ments on this line.
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Line 1b – Enter the net eect of the elimination of nonunitary
partnership income and expenses from Schedule P-1, Part II,
line 4.
Line 5 – If you have completed Schedule O, Nonoperational
Activity, enter the amount reported on Part III, line 31, column C,
Total Allocated New Jersey Portion. If you have not completed
Schedule O, enter zero on this line.
Line 7 – Subtract page 1, line 3 from page 1, line 2a. If the result
is less than zero, enter zero. Do not enter a negative number.
Part IV-A – Analysis of New Jersey Accumulated
Adjustments Account (AAA)
This account reects New Jersey S corporation earnings.
Note: If applicable, the allocation percentage from Schedule K
Liquidated, Part III, line 3 should be used for all allocated
amounts indicated below.
Column A – New Jersey AAA, includes:
• Resident – All items of income, loss, reduction, or distribution
regardless of where it is generated (include both allocated
and non-allocated amounts). Allocated and non-allocated
amounts refer to the corporation’s New Jersey allocation
factor.
• Nonresident – Items of income, loss, reduction, or distribu-
tion generated from New Jersey sources (include allocated
amounts only).
Column B – Non-New Jersey AAA, includes:
• Resident – No items.
• Nonresident – Items of income, loss, reduction, or distri-
bution generated from non-New Jersey sources (include
non-allocated amounts only).
Line 1 – Enter the prior year ending balance of the New Jersey
Accumulated Adjustments Account (AAA). For the rst year as
a New Jersey S corporation, the beginning balance of the New
Jersey AAA account will be zero.
Line 2 – Enter the net pro rata share of allocated and
non-allocated S corporation income or loss for resident share-
holders and the net pro rata share of allocated S corporation
income for nonresident shareholders.
Line 3 – Enter the total of the allocated and non-allocated
tax-exempt income or loss for resident shareholders and the al-
located tax-exempt income or loss for nonresident shareholders.
Line 4 – Enter the total of the allocated and non-allocated other
reduction(s) for resident shareholders and the allocated other
reduction(s) for nonresident shareholders. Other reductions
include taxes based on income paid by the S corporation (the
taxes added back on Schedule K Liquidated, Part II, line 4b),
health or life insurance paid by the S corporation, nes and
penalties paid by the S corporation, and club dues paid by the
S corporation. Also, other reductions should include any other
adjustments for expenses that are nondeductible for federal
income tax purposes in determining income but must be taken
into consideration in calculating the ending balance of AAA in
the year the expenses are incurred or paid, and are not already
included in Schedule K Liquidated, Part II. Provide a schedule
detailing other reductions.
Line 5 – Enter the total of lines 1, 2, 3, and 4.
Line 6 – Enter the total of the allocated and non-allocated distri-
bution(s) for the resident shareholder and the allocated distribu-
tion(s) for the nonresident shareholder. Federal rules governing
distributions must be followed.
Part IV-B – New Jersey Earnings and Prots
Account
This account reects New Jersey C corporation earnings.
Line 1 – Enter the beginning balance of the New Jersey E&P
account. For the rst year as a New Jersey S corporation, the
beginning balance of the earnings and prots account will be the
retained earnings of the corporation prior becoming an S corpo-
ration. If the retained earnings of the corporation prior to becom-
ing an S corporation is a negative amount, enter zero.
Line 2 – Enter any additions or adjustments that must be made
for federal income tax purposes.
Line 3 – Enter any dividends paid during the tax year from the
earnings and prots account. See instructions for Part IV-A,
line 6.
Parts V, VI, and VII
Complete Parts V, VI, and VII including shareholders’ full names
and Social Security numbers. List all shareholders in the S
corporation receiving either a federal or New Jersey K-1. If addi-
tional space is required, include separate schedules in the exact
format for the additional shareholders.
Determine each shareholder’s Pro Rata Share of Income/
Loss based on Schedule K Liquidated, Part III, column A,
lines 6 and 7. Determine each shareholder’s Gain/Loss on
Disposition of Assets based on Schedule K Liquidated,
Part III, column B, lines 6 and 7.
Part V – For resident shareholders, indicate their pro rata share
of S corporation income/loss from all sources in column C. Enter
the gain/loss on disposition of assets from all sources in column
D. Enter the actual total amount of distributions (prior to and in-
cluding liquidating), whether in cash and/or property, in column
E.
Complete column F only if all shareholders are individuals, es-
tates, or trusts. If you indicate on Form 329, Part I, line 13 that
the Share of Pass-Through Business Alternative Income Tax will
be allocated to the shareholders, enter in column F each share-
holder’s share of the amount from Form 329, Part I, line 13.
Part VI – For consenting nonresident shareholders, indicate
the income/loss allocated to New Jersey in column C and the
income/loss not allocated to New Jersey in column D. Enter the
gain/loss on disposition of assets allocated to New Jersey in col-
umn E and the gain/loss on disposition of assets not allocated to
New Jersey in column F. Enter the actual total amount of distri-
butions (prior to and including liquidating), whether in cash and/
or property, in column G.
Complete column H only if all shareholders are individuals, es-
tates, or trusts. If you indicate on Form 329, Part I, line 13 that
the Share of Pass-Through Business Alternative Income Tax will
be allocated to the shareholders, enter in column H each share-
holder’s share of the amount from Form 329, Part I, line 13.
Part VII – For nonconsenting shareholders, indicate the income/
loss allocated to New Jersey in column C and the income/loss
not allocated to New Jersey in column D. Enter the gain/loss on
disposition of assets allocated to New Jersey in column E and
- 13 -
the gain/loss on disposition of assets not allocated to New Jer-
sey in column F. Combine the totals of column C and column E
and enter on page 1, line 10 of the CBT-100S. Enter the total of
column H, Gross Income Tax Paid, on line 11. If the income al-
located to New Jersey is a loss, enter a zero (0) on lines 10 and
11 of the CBT-100S.
Complete column I only if all shareholders are individuals, es-
tates, or trusts. If you indicate on Form 329, Part I, line 13 that
the Share of Pass-Through Business Alternative Income Tax will
be allocated to the shareholders, enter in column I each share-
holder’s share of the amount from Form 329, Part I, line 13.
Schedule PC
Per Capita Licensed Professional Fee
Professional corporations (PC) formed under N.J.S.A. 14A:17-1
et seq. or any similar laws of a possession or territory of the
U.S., a state, or political subdivision thereof, are liable for a fee
on licensed professionals.
Per N.J.S.A. 14A:17-3, examples of licensed professionals are:
certied public accountants, architects, optometrists, profes-
sional engineers, land surveyors, land planners, chiropractors,
physical therapists, registered professional nurses, dentists, os-
teopaths, physicians and surgeons, doctors of medicine, doctors
of dentistry, podiatrists, veterinarians and, subject to the Rules of
the Supreme Court, attorneys at law.
Note: Licenses acquired through vocational training and/or
apprenticeships within those trades are not considered
licensed professionals. Examples include plumbers, elec-
tricians, HVAC technicians, cosmetologists, re and bur-
glar alarm services, acupuncturists, hair stylists, elevator,
escalator, and moving walkway mechanics, locksmiths,
and court reporters.
The fee is assessed provided there are more than two profes-
sionals in the PC. The fee is assessed on professionals that are
owners, shareholders, and/or employees of the professional
corporation. The number of professionals should be calculated
using a quarterly average. The fee for each resident and non-
resident professional with physical nexus with New Jersey is
$150. The fee for each nonresident professional without physical
nexus with New Jersey is $150 multiplied by the allocation factor
of the corporation. The fee is limited to $250,000 per year.
In the event of a period shorter than a year, the fee and limit may
be prorated by months. A fraction of a month is deemed to be a
month.
Check the box on page 1 to indicate the corporation is a profes-
sional corporation.
Part II, line 4 – Installment Payment: A 50% prepayment towards
the subsequent year’s fee is required with the current year’s
return.
Part II, line 8 – Credit: Amount to be credited towards next year’s
fee. This fee is not eligible for refund.
Schedule P-1
Partnership Investment Analysis
Part I – Partnership Information
Itemize the investment in each partnership, limited liability com-
pany, and any other entity that is treated for federal tax purposes
as a partnership. List the name, the federal identication number,
and the date and state where organized for each partnership.
Also, check the type of ownership (general or limited), the tax ac-
counting method used to reect your share of partnership activity
on this return (ow through method or separate accounting) and
whether or not the partnership has nexus in New Jersey. Itemize
in column 7 the amount of tax payments made on behalf of the
taxpayer by partnership entities. Carry the total amount of taxes
paid on behalf of taxpayer to page 1, line 8b. Include a copy of
Schedule NJK-1 from Form NJ-1065 if the partnership is ling in
New Jersey, or the federal Schedule K-1 if not. Any one member
limited liability company must be included on this schedule.
Part II – Separate Accounting of Nonunitary Partnership
Income
Taxpayers that use a Separate Tax Accounting Method on
nonunitary partnership investments must complete Part II to
compute the appropriate amount of tax. Pursuant to N.J.S.A.
54:10A-6, taxpayers must enter a single sales factor allocation
in column 3. Do not use three factor allocation (property, payroll,
and sales) from the partnership return (Form NJ-1065).
Schedule P
Schedule P has been discontinued.
Schedule R
Dividend Exclusion
P.L. 2023, c.96, made a series of technical correc-
tions, clarications, and changes that aect Sched-
ule R.
• For privilege periods ending on and after July 31, 2023, the
dividend exclusion is a pre-allocation exclusion.
• The historic ordering limitation (preventing the dividend ex-
clusion from increasing net operating losses) is no longer
applicable. However, the change in historic ordering is pro-
spective only. Taxpayers cannot adjust NOLs and PNOLs
from privilege periods ending before July 31, 2023, using the
law change from P.L. 2023, c.96.
• GILTI is now treated as a dividend for New Jersey purposes
and is reported on Schedule A, Part I, line 23b.
• The maximum dividend exclusion increased from 95% to
100% from qualied subsidiaries if such dividends were
included in the taxpayer’s gross income on Schedule A.
However, a claw-back provision that requires a 5% reduc-
tion of the exclusion amount has been added (see N.J.S.A.
54:10A-4(k)(5)(F)(ii)).
Taxpayers cannot include the following as part of the dividend
exclusion:
• Money market fund or REIT income;
• FDII (this is not considered income from dividends or deemed
dividends for New Jersey Corporation Business Tax pur-
poses); or
• The portion of I.R.C. § 78 gross-up deducted on line 38a of
Schedule A, Part I.
Dividends and deemed dividends from all sources must be in-
cluded in Schedule A. However, taxpayers may exclude from
entire net income 100% of dividends from qualied subsidiaries,
less the 5% clawback, if such dividends were included in the
taxpayer’s gross income on Schedule A. A qualied subsidiary
is dened as ownership by the taxpayer of at least 80% of the
- 14 -
total combined voting power of all classes of stock entitled to
vote and at least 80% of the total number of shares of all other
classes of stock, except non-voting stock which is limited and
preferred as to dividends.
With respect to other dividends, the exclusion is limited to 50%
of such dividends included in the taxpayer’s gross income on
Schedule A, less the 5% clawback, provided the taxpayer owns
at least 50% of voting stock and 50% of the total number of
shares of all other classes of stock.
Any subsidiary that is owned less than 50% is not entitled to a
dividend exclusion.
If the taxpayer received tiered dividends from a tiered subsidiary
that led and paid tax in excess of the minimum tax to New Jer-
sey on those same dividends, do not include these dividends on
Schedule R.
The tiered dividend exclusion from certain subsidiaries is calcu-
lated separately on Form 332. See Form 332 for more informa-
tion. The form is available on the Division’s website.
New Jersey follows the federal ownership attribu-
tion rule changes under I.R.C. § 958(b) and I.R.C. §
318 that broadened the federal attribution rules that
were retroactive to January 1, 2017, in addition to
the already broad Corporation Business Tax attribution rules.
Schedule PT – Previously Taxed Dividends: If you had sub-
sidiary dividend income that was reported in a previous tax year
for New Jersey Corporation Business Tax purposes and for
which you paid greater than the New Jersey minimum tax in that
tax year and those same dividends are included in your entire
net income this tax year, complete Schedule PT in conjunction
with Schedule R. See Schedule PT for more information. The
schedule is available on the Division’s website.
Schedule S
All taxpayers must complete this schedule and must include a
copy of a completed federal Depreciation Schedule, Form 4562.
Schedule S provides for adjustments to depreciation and certain
safe harbor leasing transactions. Gas, electric and gas, and
electric utilities must also complete Schedule S, Part II, for prop-
erty placed in service prior to January 1, 1998.
Part I – Depreciation and Safe Harbor Leasing
New Jersey had decoupled from I.R.C. §168(k)
bonus depreciation and I.R.C. § 179 expensing pro-
visions. See N.J.S.A. 54:10A-4(k)(12) and N.J.S.A.
54:10A-4(k)(13). Adjustments must be made
accordingly.
Line 1 through Line 6 – These lines detail the depreciation
deduction reected in the Computation of Entire Net Income
(Schedule A, Part I) into several categories. In most circum-
stances, the information can be found on federal Form 4562.
Line 7 – Enter the amount reported on the federal Form 4562.
Line 8 – Enter the amount of current depreciation on property
placed in service in prior years carried over into the current
period.
Line 9 – Enter the amount from Depreciation Worksheet I,
line 10, column F.
Line 11 – IRC § 179 limitation. Enter the lesser of line 1 or
$25,000.
Line 12 – Enter the amount from Worksheet II, line 16, col-
umn F. If the amount is positive, add it to the total reported on
line 15. If it is negative, subtract it from the total.
Line 13 – Enter any adjustment to depreciation that is an addi-
tion. This can include, but is not limited to, partnership activity.
Line 14 – Enter any adjustment to depreciation that is a deduc-
tion. This can include, but is not limited to, partnership activity.
Part II – New Jersey Depreciation for Gas,
Electric, and Gas and Electric Public Utilities
Gas, electric, and gas and electric utilities must complete this
schedule to compute their New Jersey depreciation allowable for
the single asset account, which is comprised of all depreciable
property placed in service prior to January 1, 1998. The basis of
this asset account will be the total federal depreciable basis as
of December 31, 1997, plus the excess of the book depreciable
basis over the federal tax basis as of December 31, 1997. This
basis will be reduced yearly by the federal basis of these assets
sold, retired, or disposed of from January 1, 1998, to date.
Note: Gas, electric and gas, and electric utilities may have ad-
justments from both Part I and Part II. If the taxpayer has
amounts reported on Schedule S, Part II, lines 1 through
5, enter the amount from Schedule S, Part I, line 15
on Schedule S, Part II, line 6b, not Schedule A, Part I,
line 36a or 36b.
Worksheet I
Column A – Sort the property you acquired and placed in
service during the tax year 2023 according to its classication
(3-year property, 5-year property, etc.) as shown in column A.
Column B – Use the federal basis adding back the special de-
preciation reduction.
Column C – Enter the bonus depreciation claimed (50% or
30%). If both categories of bonus depreciation are claimed, pro-
vide a rider detailing the assets that used 50% and the assets
that used 30%.
Column D – Enter the convention that was used for federal pur-
poses. The applicable conventions are Half-Year Convention,
Mid-Quarter Convention, or the Mid-Month Convention.
Column E – Enter the method that was selected for federal
purposes. The applicable methods are 200% declining balance,
150% declining balance, or straight-line.
Column F – Enter the amount of federal depreciation claimed
on federal Form 4562.
Column G – To determine the New Jersey depreciation, multiply
column B by the applicable rate from the appropriate table (See
IRS Pub. 946 for complete tables). Enter the total on Sched-
ule S, Part I, line 9.
Worksheet II
Column D – Enter the federal depreciation claimed up to the
date the property was sold.
Column E – Enter the New Jersey depreciation claimed up to
the date the property was sold.
- 15 -
Column F – Enter the dierence between column D and col-
umn E. If the amount is positive, there is an excess of deprecia-
tion that must be added to the federal amount claimed on Part I,
line 7. If the amount is negative, there is a deciency that must
be deducted from Part I, line 7.
Schedule SJC
Shareholder Jurisdictional Consent
Initial information. Complete Part I if this information has not
been previously reported.
Changes to previously reported information. Complete Part II
if you need to make changes to previously reported information.
See TB-105 and Answers to Frequently Asked Questions on the
New Jersey S Corporation Procedural Changes.
Note: Any business that led for and was granted either a New
Jersey S or QSSS election (prior to 2023) meets the
requirement for having previously provided the federal
acceptance letter.
Schedule NJ-K-1
Shareholder’s Share of Income/Loss
A copy of each shareholder’s Schedule NJ-K-1 must be included
with the CBT-100S. A copy of each NJ-K-1 must be kept as
part of the corporation’s records, and a separate copy must be
supplied to each individual shareholder on or before the date
on which the CBT-100S is to be led. The instructions for this
schedule can be found on the reverse side of the form.
Form NJ-1040-SC
Payment on Behalf of Nonconsenting
Shareholders
A copy of each NJ-1040-SC led by the corporation on behalf
of any nonconsenting shareholder must be included with the
CBT-100S. A copy must be retained by the corporation as part of
its records, and a copy must also be supplied to the shareholder
on whose behalf the NJ-1040-SC was led on or before the
due date of the CBT-100S. The instructions for this form can be
found on the reverse side of the form.
Form 500S
Computation of the Available Converted Net
Operating Losses
For New Jersey Corporation Business Tax purposes, net oper-
ating losses and net operating loss carryovers have a 20-year
carryover period and can only be carried forward.
For tax years beginning on and after January 1, 2020, the fed-
eral rules and regulations governing consolidated return net
operating losses and net operating loss carryovers apply to the
New Jersey net operating loss carryover provisions to the extent
they are consistent with the provisions of the New Jersey Corpo-
ration Business Tax Act. If the New Jersey and federal provisions
dier, the New Jersey Corporation Business Tax Act provisions
govern. New Jersey generally follows the federal rules governing
mergers, acquisitions, reorganizations, spin-os, split-os, disso-
lution, bankruptcy, or any form of cessation of a business. New
Jersey also follows any other provision of the federal rules that
limits or reduces federal net operating losses and federal net op-
erating loss carryovers.
Part I – Net Operating Loss Carryovers Generated as a
C Corporation
Line 1 – Enter the total Prior Net Operating Loss Conversion
Carryover (PNOL) generated as a C corporation (for New Jersey
Corporation Business Tax purposes).
Line 2 – Enter the total Post Allocation Net Operating Loss
Carryover (NOL) generated as a C corporation (for New Jersey
Corporation Business Tax purposes).
Line 3 – Enter the total NOL that is available. Add line 1 and
line 2. This is the amount that will be entered on Schedule A,
Part I, line 42 and Schedule A, Part II, line 4.
Part II – Available Net Operating Loss Deductions
Line 1 – Enter the amount reported on Schedule A, Part I,
line 42.
Note: The loss reported each year must not include any amount
excluded from federal taxable income under subpara-
graph (A), (B), or (C) of paragraph (1) of subsection (a) of
Internal Revenue Code (26 U.S.C. s.108).
Line 2 – Enter the amount reported on Schedule A, Part II,
line 4.
Line 3 – Add line 1 and line 2. This is the total amount of NOL
used in the current year. The amount can only be generated
while the taxpayer was a C corporation (for New Jersey Corpo-
ration Business Tax purposes) or part of a combined group ling
a combined return for New Jersey purposes. It cannot exceed
the total of the amounts reported on Schedule A, Part I, line 41
and Schedule A, Part II, line 3.
Any taxpayer claiming an NOL deduction must submit the
last Net Operating Loss Schedule/Worksheet prior to con-
version to S Corporation (from CBT-100 or CBT-100U).
Additional Forms and Instructions
Most of the forms and schedules needed to complete the return
are included with Form CBT-100S. However, there are several
stand alone forms and schedules that taxpayers can obtain on
the Division’s website. This includes:
• Schedule N: Nexus – Immune Activity Declaration and the
Nexus Questionnaire
• Schedule O: Nonoperational Activity
• Schedule PT: Dividend Exclusion for Certain Previously
Taxed Dividends
• Form 301: Urban Enterprise Zone Investment Tax Credit
• Form 302: Redevelopment Authority Project Tax Credit
• Form 304: New Jobs Investment Tax Credit
• Form 305: Manufacturing Equipment and Employment Invest-
ment Tax Credit
• Form 306: Research and Development Tax Credit
• Form 311: Neighborhood Revitalization State Tax Credit
• Form 312: Euent Equipment Tax Credit
• Form 313: Economic Recovery Tax Credit
• Form 315: AMA Tax Credit
• Form 316: Business Retention and Relocation Tax Credit
- 16 -
• Form 317: Sheltered Workshop Tax Credit
• Form 318: Film Production Tax Credit
• Form 319: Urban Transit Hub Tax Credit
• Form 320: Grow New Jersey Tax Credit
• Form 321: Angel Investor Tax Credit
• Form 322: Wind Energy Facility Tax Credit
• Form 323: Residential Economic Redevelopment and Growth
Tax Credit
• Form 324: Business Employment Incentive Program Tax
Credit
• Form 325: Public Infrastructure Tax Credit
• Form 326: Drug Donation Program Tax Credit
• Form 327: Film and Digital Media Tax Credit
• Form 328: Tax Credit for Employers of Employees With
Impairments
• Form 329: Pass-Through Business Alternative Income Tax
Credit
• Form 330: Apprenticeship Program Tax Credit
• Form 331: Tax Credit for Employer of Organ/Bone Marrow
Donor
• Form 332: Tiered Subsidiary Dividend Pyramid Tax Credit
• Form 334: Innovation Evergreen Fund Tax Credit
• Form 335: Unit Concrete Products Tax Credit
