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2022 CBT-100
General Instructions for New Jersey Corporation Business Tax Return and Related Forms

Electronic Filing Mandate Riders
All taxpayers and tax preparers must file Corporation Business If space is insufficient, include riders in the same form as the
Tax returns and make payments electronically. This mandate original printed sheets. The riders must be numbered and
includes all returns, estimated payments, extensions, and clearly list the schedule(s) and line(s) of each corresponding
vouchers. Visit the Division’s website or check with your soft- rider item.
ware provider to see if they support any or all of these filings.
Federal/State Tax Agreement
To file and pay the annual report electronically, visit the Division The New Jersey Division of Taxation and the Internal Revenue
of Revenue and Enterprise Services website. Service participate in a Federal/State program for the mutual
exchange of tax information to verify the accuracy and consis-
tency of information reported on federal and New Jersey tax
A new, simplified, standardized return is being returns.
created that will replace Form CBT-100. See the
Division’s website for information about
implementation. Corporations Required to File
In general, every corporation existing under the laws of the
State of New Jersey is required to file a Corporation Business
Tax return.
Before You Begin
Read all instructions carefully before completing returns.
In addition, a return must be filed by every foreign corporation
Include a complete copy of the federal Form 1120 (or any that:
other federal corporate return filed) and all related forms 1. Holds a general certificate of authority to do business in
and schedules. See Technical Bulletin,TB-98(R), Federal this State issued by the Secretary of State; or
Return and the Forms and Schedules to Include with the Cor- 2. Holds a certificate, license, or other authorization issued
poration Business Tax Return Pursuant to P.L. 2020, C. 118. by any other department or agency of this State, authoriz-
Corporations that are part of a federal consolidated group ing the company to engage in corporate activity within this
must include a federal income tax return and the consolidating State; or
schedules showing the income statement, balance sheets, and 3. Derives income from this State; or
all other supporting information for the taxpayer.
4. Employs or owns capital within this State; or
Form 1120-F filers attach the 1120-F to the return. If no 1120-F 5. Employs or owns property in this State; or
was completed but the income was reported on Form 5471, 6. Maintains an office in this State.
attach the 5471. If a non-U.S. corporation did not file federal
Form 1120-F and the income was not reported on federal Form A foreign corporation that is a partner of a New Jersey part-
5471, it must complete an 1120-F reporting its income and tax nership is deemed subject to tax in the State and must file a
attributes as though the entity filed a federal return. return.
Personal Liability of Officers and Directors Corporations Claiming P.L. 86-272. Foreign corporations
Any officer or director of any corporation who shall distribute or that meet the filing requirements and whose income is immune
cause to be distributed any assets in dissolution or liquidation from tax pursuant to Public Law 86-272, must obtain and com-
to the stockholders without having first paid all corporation plete Schedule N, Nexus – Immune Activity Declaration, and all
franchise taxes, fees, penalties and interest imposed on said of the schedules from the CBT-100. In addition, taxpayers must
corporation, in accordance with N.J.S.A. 14A:6-12, N.J.S.A. include a copy of the Nexus Questionnaire. P.L. 86-272 filers
54:50-18 and other applicable provisions of law, shall be per- are not subject to the surtax imposed by N.J.S.A. 54:10A-5.41,
sonally liable for said unpaid taxes, fees, penalties, and inter- and will enter zero on page 1, line 5. These corporations must
est. Compliance with N.J.S.A. 54:50-13 is also required in the remit the minimum tax with the CBT-100.
case of certain mergers, consolidations, and dissolutions.
Note: Check the box on page 1 to indicate the corporation is
Distortion of Net Income claiming P.L. 86-272.
The Director is authorized to adjust and redetermine items of
gross receipts and expenses as may be necessary to make Out-of-Business Corporations. Corporations that are “out of
a fair and reasonable determination of tax payable under the business” but have not dissolved or withdrawn their authority to
Corporation Business Tax Act. For details regarding the condi- do business in New Jersey, are still obligated to file a return. A
tions under which this authority may be exercised, see regula- dissolution or withdrawal date must be established on or before
tion N.J.A.C. 18:7-5.10. the last day of the current taxable period to avoid having to file
a return for the next tax period.
Accounting Method New Corporations. Every New Jersey corporation acquires a
The return must be completed using the same method of ac- taxable status beginning 1) on the date of its incorporation, or
counting, cash, accrual or other basis, that was employed in 2) on the first day of the month following its incorporation if so
the taxpayer’s federal income tax return. stated in its certificate of incorporation. Every corporation that
incorporates, qualifies, or otherwise acquires a taxable status
in New Jersey must file a Corporation Business Tax return. A

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tax return must be filed for each fiscal period, or part thereof,         of medicine, doctors of dentistry, podiatrists, veterinarians, and 
beginning on the date the corporation acquired a taxable status           attorneys.
in New Jersey regardless of whether it had any assets or con-
ducted any business activities. No return may cover a period              Regulated Investment Company. Every taxpayer electing 
exceeding 12 months, even by a day.                                       to report as an Investment Company must meet the qualifica-
                                                                          tions detailed in Part II of the Annual General Questionnaire. 
S Corporations. Every corporation that elects to be a New                 Regulated Investment Companies only complete page 1, the 
Jersey S corporation must file a “New Jersey S Corporation                Annual General Questionnaire, Schedule A, and Schedule J. 
or New Jersey QSSS Election” (Form CBT-2553) within one                   The election is effective only for the particular year covered by 
calendar month subsequent to the federal S corporation filing             the return. 
requirement.
                                                                          Real Estate Investment Trust. The election is effective only 
Note: New Jersey S corporations do not file Form CBT-100.                 for the particular year covered by the return.
      These corporations must complete Form CBT-100S (or 
      Form CBT-100U if they elected to be part of a combined              Inactive Corporations. Inactive corporations that, during the 
      group).                                                             period covered by the return, did not conduct any business, did 
                                                                          not have any income, receipts or expenses, and did not own 
Federal S corporations that have not elected and been au-                 any assets, must complete the Certification of Inactivity section 
thorized to be New Jersey S corporations must complete this               on page 1. Payment for the related minimum tax liability and 
return as though no election had been made under I.R.C.                   the installment payment (if applicable) must be submitted elec-
§ 1362. A copy of Form 1120-S as filed must be submitted.                 tronically. See the Page 1 section for more information. 
Lines 1 through 28 on Part I, Schedule A of the CBT-100 must 
be completed.                                                             Combined Reporting
                                                                          New Jersey enacted mandatory combined reporting for unitary 
Note: Check the box on page 1 to indicate the corporation is a            businesses for tax years ending on and after July 31, 2019. 
      federal 1120-S filer.                                               Groups of companies that have common ownership and are 
                                                                          engaged in a unitary business, where at least one member of 
Domestic International Sales Corporations (DISC). A DISC                  the group is subject to the New Jersey Corporation Business 
must complete this return as though no election had been                  Tax, are required to calculate their tax liability on a combined 
made under Sections 992-999 of the Internal Revenue Code. A               basis on Form CBT-100U, Corporation Business Tax Unitary 
DISC must complete all applicable schedules on the return.                Return. 
Combinable Captive Insurance Companies. Combinable                        A member of a combined group filing a New Jersey combined 
captive insurance companies are no longer exempt from the                 return does not have to file a separate return for the privilege 
Corporation Business Tax. If the combinable captive insurance             period or portion of the privilege period thereof that the tax-
company is not included as a member of a combined group                   payer was included as a member of the combined return. A 
filing a New Jersey Corporation Business Tax Unitary Return,              combined group member with business operations that are 
Form CBT-100U, they must file a separate New Jersey Corpo-                independent of the unitary business activity of the combined 
ration Business Tax Return, Form CBT-100.                                 group must report such income on Schedule X. Schedule X is 
Note: A regular captive insurance company that does not                   submitted with the combined return. The member will not com-
      meet the definition of a combinable captive insurance               plete a separate return.
      company in N.J.S.A. 54:10A-4(y) is still exempt from the            Visit the Division’s website for information about combined 
      Corporation Business Tax.                                           reporting.
Foreign Sales Corporations (FSC). An FSC must com-                        Note:  A taxpayer that has nexus with New Jersey that is part 
plete this return as though no election had been made under                     of a combined group or affiliated group, but excluded 
Sections 922-927 of the Internal Revenue Code. FSCs must                        from the New Jersey combined return must file a sepa-
complete all applicable schedules on the return. Under Section                  rate return. 
5, P.L. 106-519, no corporation may elect to be an FSC after 
September 30, 2000.                                                       Former Member of Combined Group. A taxpayer that was 
                                                                          a member of a combined group filing a New Jersey combined 
Financial Business Corporations. Corporations that qualify                return for part of the group privilege period and subsequently 
as financial businesses, those that derive 75% of their gross in-         departs the combined group to file on a separate entity basis  
come from the financial activities enumerated at N.J.A.C. 18:7-           must report the income for months subsequent to departing the 
1.16(a)1 through (a)7, must file the New Jersey Corporation               combined group on a separate return (Form CBT-100) unless 
Business Tax Return for Banking and Financial Business, Form              the taxpayer joined a second combined group that files a New 
BFC-1 or the Corporation Business Tax Combined Return,                    Jersey combined return. The taxpayer filing a separate return 
Form CBT-100U.                                                            would not report the income on Form CBT-100 for the months 
Professional Corporations. Corporations formed under                      during which the member was part of the combined group. If 
N.J.S.A. 14A:17-1 et seq. or any similar laws of a possession             determining what amount of income is attributable to the por-
or territory of the U.S., a state, or political subdivision thereof,      tions of the twelve-month period are for the periods before and 
must complete Schedule PC. Examples of licensed profes-                   after departing a combined group, the taxpayer must prorate 
sionals include certified public accountants, architects, optom-          their income/losses and receipts. 
etrists, professional engineers, land surveyors, land planners, 
chiropractors, physical therapists, registered professional 
nurses, dentists, osteopaths, physicians and surgeons, doctors 

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                                                                               In addition, corporations are required to make installment pay-
When to File                                                                   ments of estimated tax. The requirement for making these pay-
2022 Accounting Periods and Due Dates                                          ments is based on the amount of the total tax liability shown on 
The 2022 Corporation Business Tax return should only be                        the most recent return.
used for accounting periods ending on and after July 31, 2022, 
through June 30, 2023.                                                         •  If the 2022 total tax liability is greater than $500, the 
                                                                                taxpayer must make installment payments towards 2023. 
In general, the New Jersey Corporation Business Tax returns                     These payments are to be made electronically on Form 
and payments, except estimated payments, are due 30 days                        CBT-150 and are due on or before the 15th day of the 4th, 
after the original due date of the federal corporate income tax                 6th, 9th and 12th months of the tax year. Taxpayers with 
return. For the administrative convenience of both the Division                 gross receipts greater than or equal to $50,000,000 must 
and taxpayers, Corporation Business Tax returns filed by the                    make installment payments on the 15th day of the 4th, 6th, 
15th day of the fifth month following the close of the privilege                and 12th months of the tax year. 
period are considered timely even if that date is more than 30 
days after the federal due date. If the due date falls on a week-              •  If the 2022 total tax liability is $500 or less, installment 
end or a legal holiday, the return and payment are due on the                   payments may be made as indicated above OR in lieu of 
following business day. Use the following schedule for 2022                     making installment payments, the taxpayer may make a 
CBT-100 forms and payments:                                                     payment of 50% of the 2022 total tax liability. 

If accounting   July 31, Aug. 31,  Sept. 30,  Oct. 31, Nov. 30,  Dec. 31,      How to Pay 
period ends on: 2022     2022      2022      2022      2022      2022          To make payments electronically, go to the Division of Taxa-
Due date for    Dec. 15,  Jan. 15,  Feb. 15,  Mar. 15, Apr. 15,  May 15,       tion’s website. Taxpayers who do not have access to the inter-
filing is:      2022     2023      2023      2023      2023      2023          net can call the Division’s Customer Service Center at (609) 
If accounting   Jan. 31,  Feb. 28,  Mar. 31, Apr. 30,  May 31,  June 30, 
period ends on: 2023     2023      2023      2023      2023      2023          292-6400.
Due date for    June 15,  July 15, Aug. 15,  Sept. 15,  Oct. 15, Nov. 15, 
filing is:      2023     2023      2023      2023      2023      2023          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-
Calendar or fiscal accounting year is the same accounting pe-                  tronic Funds Transfer (EFT). For information or to enroll in the 
riod that the taxpayer is required to report to the United States              program, visit the Division of Revenue and Enterprise Services’ 
Treasury Department for federal income tax purposes. Please                    website, call (609) 292-9292, fax (609) 984-6681, or write to NJ 
note the ending month of the accounting period for federal re-                 Division of Revenue and Enterprise Services, EFT Section, PO 
turns and New Jersey returns must match, however, the tax re-                  Box 191, Trenton, NJ 08646-0191. 
turn year for the federal and State returns may differ. (i.e., a tax 
year ending 8/31/22 may be filed on a 2021 federal Form 1120;                  Note:  Taxpayers who are required to remit payments by EFT 
the same tax year must be filed on a 2022 NJ CBT-100.) All                            can satisfy the EFT requirement by making e-check or 
accounting periods must end on the last day of the month, ex-                         credit card payments.
cept that taxpayers may use the same 52-53 week accounting 
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                 Penalties and Interest
input dates for 52-53 week accounting years. In this case, tax-                Insufficiency Penalty. If the amount paid with the Tentative 
payers will need to contact the Division for assistance. Returns               Return, Form CBT-200-T, is less than 90% of the tax liability 
for prior tax years are available on the Division’s website.                   computed on Form CBT-100, or in the case of a taxpayer 
                                                                               whose preceding return covered a full 12-month period, is less 
Extension of Time to File                                                      than the amount of the tax computed at the rates applicable to 
The Tentative Return and Application for Extension of Time to                  the current accounting year but on the basis of the facts shown 
File, Form CBT-200-T, must be filed and paid electronically.                   and the law applicable to the preceding accounting year, the 
You can also check with your software provider to see if the                   taxpayer may be liable for a penalty of 5% per month or part 
software you use supports filing of extensions.                                of a month not to exceed 25% of the amount of underpayment 
                                                                               from the original due date to the date of actual payment.
Corporations will automatically receive a six-month extension 
only if they have paid at least 90% of the tax liability and timely            Late Filing Penalty. 5% per month or part of a month on the 
filed Form CBT-200-T.                                                          amount of underpayment not to exceed 25% of that underpay-
                                                                               ment, except if no return has been filed within 30 days of the 
An extension of time is granted only to file your New Jersey                   date on which the first notice of delinquency in filing the return 
Corporation Business Tax return. There is no extension of time                 was sent, the penalty will accrue at 5% per month or part of a 
to pay the tax due. The Division will notify you only if we deny               month of the total tax liability not to exceed 25% of such tax 
your extension request, but not until after you actually file your             liability. Also, a penalty of $100 for each month the return is de-
return. Penalties and interest are imposed whenever tax is paid                linquent may be imposed.
after the original due date.
                                                                               Late Payment Penalty. 5% of the balance of tax due paid after 
Note:  An extension payment must include any applicable pro-                   the due date for filing the return may be imposed.
     fessional corporation (PC) fees and/or installment pay-
     ments. See the online application for more information.                   Interest. 3% above the average predominant prime rate for 
                                                                               every month or part of a month the tax is unpaid, compounded 
                                                                               annually. At the end of each calendar year, any tax, penalties 
Payment of Tax                                                                 and interest remaining due will become part of the balance on 
The balance of tax due must be paid in full by the original due                which interest will be charged. The interest rates assessed by 
date of the return.                                                            the Division of Taxation are published online.

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Note: The average predominant prime rate is the rate as 6. To change credit request to refund request or refund
determined by the Board of Governors of the Federal request to credit request
Reserve System, quoted by commercial banks to large 7. Change in filing period
businesses on December 1st of the calendar year im- 8. Change in tax credits reported
mediately preceding the calendar year in which payment 9. Adding or subtracting a combined return member
was due or as redetermined by the Director in accor- 10. Other
dance with N.J.S.A. 54:48-2.
Provide the remaining information requested on the top por-
Collection Fees. In addition, if the tax bill is sent to our col- tion of the return. The federal business activity code should
lection agency, a referral cost recovery fee of 11% of any tax, be taken from the taxpayer’s federal tax return. Provide the
penalties, and interest due will be added to the liability in accor- location of the corporate books as well as a contact person
dance with N.J.S.A. 54:49-12.3. If a certificate of debt is issued and phone number. If the corporation is a professional corpo-
for the outstanding liability, a fee for the cost of collection of the ration, investment company, regulated investment company,
tax may also be imposed. real estate investment trust, federal 1120-S filer, or is claiming
P.L. 86-272, check the appropriate box.
Underpayment of Estimated Tax. To calculate the amount of
interest for the underpayment of estimated tax, complete either See the Corporations Required to File section for information
Form CBT-160-A or Form CBT-160-B. If the taxpayer qualifies on the types of corporations.
for any of the exceptions to the imposition of interest for any of
the installment payments, Part II must be completed and sub- All corporations must complete page 1, the Annual General
mitted with the return as evidence of such exception. Questionnaire, and Schedules A (Parts I, II, and III), A-2, A-3,
A-4, and J of the return.
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 Line 1 – Tax Base
assessment in accordance with N.J.S.A. 54:49-9.1. Enter amount from line 4 of Schedule A, Part III.

Transacting Business Without a Certificate of Authority. In Line 2 – Amount of Tax
addition to any other liabilities imposed by law, a foreign corpo- Multiply line 1 by the applicable tax rate:
ration that transacts business in this State without a certificate
of authority shall forfeit to the State a penalty of not less than • If line 1 is greater than $100,000, the tax rate is 9% (.09).
$200, nor more than $1,000 for each calendar year, not more • If line 1 is greater than $50,000 and less than or equal
than 5 years prior thereto, in which it shall have transacted to $100,000, the tax rate is 7.5% (.075). Tax periods of less
business in this State without a certificate of authority. N.J.S.A. than 12 months qualify for the 7.5% rate if the prorated tax-
14A:13-11(3). able net income does not exceed $8,333 per month.
• If line 1 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
Amended Returns
To amend CBT-100 returns, use the CBT-100 form for the ap- the prorated taxable net income does not exceed $4,166
propriate tax year. per month.
Line 3 – Tax Credits
Beginning with returns for a Tax Year 2019 and after, taxpayers Enter the amount from Schedule A-3, Part I, line 30. Include
must submit amended returns electronically. the applicable credit form(s) with the return. See Schedule A-3
Final Determination of Net Income by Federal Government. instructions for more information.
Any change or correction made by the Internal Revenue Ser-
Line 4 – CBT Tax Liability
vice to the federal taxable income must be reported to the Divi- Subtract line 3 from line 2.
sion within 90 days.
Line 5a – Surtax
Every business entity that is subject to the Corporation Busi-
Page 1 Line-by-Line Instructions ness Tax is also subject to the surtax if the business entity has
Enter the federal employer identification number, New Jersey an allocated taxable net income in excess of $1,000,000.
corporation number, corporation name, and complete address Public utilities and New Jersey S corporations (as defined in
and ZIP Code in the space provided on the return. N.J.S.A. 54:10A-4(q) and N.J.S.A. 54:10A-4(p), respectively)
are exempt from the surtax.
Check the appropriate box to indicate whether this is the initial
return or an amended return. Multiply the amount on Schedule A, Part III, line 2a, 2b, or 2c
(whichever is applicable) by the surtax rate. The rate is 2.5%
If filing an amended return, enter the applicable code in the for tax years beginning on or after January 1, 2018, through
boxes provided. If using code 10, “Other,” enter the reason in December 31, 2023.
the lines provided. If more space is needed, include a rider.
Line 5b – Pass-Through Business Alternative Income Tax
1. Change in allocation factor Credit Applied to Surtax
2. IRS audit Enter the amount from Form 329. Do not enter more than the
3. Amended federal 1120 filed amount of surtax on line 5a. Include Form 329 with the return.
4. To take credit for payments/payments made by a See Form 329 instructions for more information.
partnership
5. Adjustments to ENI Line 5c – Balance of Surtax
Subtract line 5b from line 5a and enter the result.

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Line 6a – Total Minimum Tax Note: Check the box on page 1 to indicate the corporation is a
Enter the total minimum tax. professional corporation.
The minimum tax is assessed based on the New Jersey Gross See Schedule PC instructions for information about filing re-
Receipts from Schedule J, line 1f as follows: quirements and examples of professional corporations.

New Jersey Gross Receipts Minimum Tax Line 9 – Total Tax and Professional Corporation Fees
Less than $100,000 $500 Enter the total of lines 6b, 7, and 8.
$100,000 or more but less than $250,000 $750
$250,000 or more but less than $500,000 $1,000 Line 10a – Payments and Credits
$500,000 or more but less than $1,000,000 $1,500 Include on this line:
$1,000,000 or more $2,000 •
Installment tax payments made for 2022;
If a taxpayer is filing a separate return and is a member of an •
affiliated or controlled group (as per I.R.C. § 1504 or § 1563) Amounts paid with tentative return (form CBT-200-T);
that has a total payroll of $5,000,000 or more for the tax year, • Any overpayment from the preceding tax return that the
the minimum tax is $2,000 regardless of the amount of the tax- taxpayer elected to have credited to the current year’s tax.
payer’s New Jersey gross receipts. Tax years of less than 12 Do not include any amount of the overpayment that the tax-
months are subject to the higher minimum tax if the prorated payer elected to have refunded.
total payroll exceeds $416,667 per month. Total payroll refers
to the total payroll of the affiliated group rather than total New Note: Professional corporation installment payments from the
Jersey payroll of a single corporation. Taxpayers that are mem- prior year may not be used to offset any current year tax
bers of an affiliated or controlled group must submit a schedule liability and are not eligible for refund.
of payroll per member and a copy of the taxpayer’s federal
Line 10b – Payments made by Partnerships
affiliations schedule, Form 851, with the return.
Include the total payments made by partnerships on behalf of
The minimum tax cannot be prorated. In general, zero (0) the taxpayer that are reported in column 7 on Schedule P-1.
returns are not permitted. Submit copies of the NJK-1s or K-1s (as applicable) reflecting
payments made by each partnership entity.
Note: If claiming a tax credit that can reduce the tax to zero,
do not enter an amount on this line. Line 10c – Refundable Tax Credits
Enter the amount from Schedule A-3, Part II, line 6. Include
Line 6b – Tax Due the applicable credit form(s) with the return. See Schedule A-3
Add the balance of surtax on line 5c to the greater of line 4 or instructions for more information.
minimum tax due from line 6a.
Amount Due or Overpayment – Lines 11–17
Note: If taxpayer is using a tax credit that can be applied to Compare lines 10d and 9.
100% of the tax liability, add line 4 and line 5c and enter
the total on line 6b. • If line 10d is less than line 9, you have a balance due. Com-
plete lines 11, 12, and 13.
Line 7 – Installment Payment • If line 10d is more than line 9, you have an overpayment.
Taxpayers are required to make installment payments of es- Complete line 12 (if applicable) and lines 14 through 17.
timated tax. The requirement for making these payments is
based on the amount of the total tax liability shown on the most Line 11 – Balance of Tax Due
recent return. Subtract line 10d from line 9 and enter the difference.

• If the 2022 Total Tax Liability is greater than $500, the Line 12 – Penalty and Interest Due
taxpayer must make installment payments toward 2023. Include any penalties and interest. See the Penalties and Inter-
These payments are to be made electronically on Form est section for information.
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 Note: If the taxpayer has an overpayment or no tax liability
gross receipts greater than or equal to $50,000,000 must and has calculated penalties and interest due, such
make installment payments on the 15th day of the 4th, 6th, amounts must be added to the balance due line or sub-
and 12th months of the tax year. Information on making tracted from the overpayment.
these payments can be found on the Division’s website.
Line 13 – Total Balance Due
• If the 2022 Total Tax Liability is $500 or less, installment Enter the total of line 11 and line 12.
payments may be made as indicated above OR in lieu of
making installment payments, the taxpayer may make a Line 14 – Amount Overpaid
payment of 50% of the 2022 total tax liability. For taxpayers Subtract the sum of line 9 and line 12 (if applicable) from the
who qualify and want to take advantage of this option, enter amount on line 10d.
on line 7, 50% of the amount on line 6b. This will become
Line 15 – Refund
part of the payment to be made with the 2022 return and Enter the amount of your overpayment that you want refunded.
installment payments will not be required. This payment
should be claimed as a credit when filing the 2023 return. Line 16 – Credit to 2023
Enter the amount of your overpayment that you want to credit
Line 8 – Professional Corporation Fees to your 2023 tax liability.
Enter amount from Schedule PC, Part II, line 7.

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Line 17 – Credit to a Combined Group and/or the gross I.R.C. § 250(b) (FDII) amounts. Include a copy
Enter the amount of your overpayment that you want to credit of federal Forms 8993 and 8992 that were completed and sub-
to a combined group. Also include the unitary ID number and mitted with federal Form 1120. Do not enter the net numbers.
tax return year to which it is to be applied. The I.R.C. § 250(a) deductions are taken in Schedule A, Part II
since the I.R.C. § 250(a) deductions permitted by N.J.S.A.
Note: An overpayment of tax by a corporation can only be 54:10A-4.15 are special deductions taken below line 28 for fed-
credited to a combined group of which the corporation is eral purposes.
a member.
To avoid double reporting the income on Sched-
Certification of Inactivity ule A, Part I, taxpayers must reduce the amounts
Inactive corporations must complete page 1, the Annual Gen- reported on any other lines by the amount of the
eral Questionnaire, and Schedules A (Parts I, II, and III), A-2, FDII and GILTI included on lines 4b and 4c.
A-3, and A-4 of the CBT-100. A corporate officer must sign and
certify that the corporation did not conduct any business, did
not have any income, receipts, or expenses, and did not own Current year I.R.C. § 951A and I.R.C. § 250(b) amounts are
any assets during the entire period covered by the tax return. not dividends nor are they deemed dividends; they are their
own category of income. FDII and GILTI are included on dif-
ferent lines for federal and New Jersey purposes. However
Signature ,
Each return must be signed by an officer of the corporation the amount on line 28 must agree with the federal taxable
who is authorized to attest to the truth of the statements con- income before federal net operating losses and federal
tained therein and to acknowledge that they understand they special deductions line (line 28, page 1, of the taxpayer’s
are required to include copies of their federal return(s), forms, unconsolidated federal Form 1120 or the appropriate line from
and schedules. The fact that an individual’s name is signed on any other federal corporate return filed).
the return shall be prima facie evidence that such individual is
Note: There is an equivalent deduction allowable for New Jer-
authorized to sign the return on behalf of the corporation.
sey purposes in the amount of the deduction allowable
Tax preparers who fail to sign the return or provide their and taken for federal purposes under I.R.C. § 250(a).
assigned tax identification number shall be liable for a $25 In completing Schedule A, a taxpayer must include
penalty for each such failure. If the tax preparer is not self-em- the gross amounts of the income reported for federal
ployed, the name of the tax preparer’s employer and the purposes pursuant to I.R.C. § 951A and I.R.C. § 250. A
employer’s tax identification number should also be provided. deduction is allowed based on the same amounts of the
In the case of a corporation in liquidation or in the hands of a deductions that were taken and allowed for federal pur-
receiver or trustee, certification shall be made by the person poses. See Schedule A, Part II, lines 14a and 14b.
responsible for the conduct of the affairs of such corporation.
Line 5 – Interest
Include a copy of federal Form 8916A if it was completed.

Annual General Questionnaire Line 8 and Line 9
Part I Include a rider or schedules showing the same information
All taxpayers must answer all questions on this schedule. If shown on federal Form 1120, Schedule D and/or Form 4797.
necessary, include a rider detailing the information requested in Gains and losses resulting from the disposition of property
the questions. where an I.R.C. § 179 expense deduction was passed through
to S corporation shareholders are not reported on federal Form
Part II 4797, and should be reported on Schedule A, Part I, line 10.
Regulated investment companies must answer all questions If a sale of shares of stock or partnership interest resulted in a
in Part II. If the taxpayer does not meet all the requirements, it taxable transfer of a controlling interest in certain commercial
cannot file as a regulated investment company. real property under N.J.S.A. 54:15C-1, indicate on a rider.

Note: Check the box on page 1 to indicate the corporation is a Line 18 – Interest
regulated investment company. Include a copy of federal Form 8916A and/or federal Form
8990 if completed.

Schedule A Line 28 – Taxable income before federal net operating loss
Every taxpayer must complete this schedule. deductions and federal special deductions
The amount on line 28 must agree with line 28, page 1, of the
Part I – Computation of Entire Net Income taxpayer’s unconsolidated federal Form 1120 or the appropri-
Lines 4b and 4c – FDII and GILTI ate line from any other federal corporate return filed.
For tax years beginning on and after January 1, 2018, the
If the corporation has not filed a separate federal income tax
gross I.R.C. § 951A and the gross I.R.C. § 250(b) amounts
return, taxpayer must explain and reconcile the differences on
included in income for federal purposes must be included for
a rider.
New Jersey purposes. Enter the gross I.R.C. § 951A (GILTI)

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Taxpayers must include a copy of the federal • I.R.C. § 199A amounts that were deducted for federal
return and any forms or schedules that accompa- purposes;
nied the return that was filed with the Internal Rev- • Any deductions for research and experimental expenditures,
enue Service. Failure to include the forms and to the extent that those research and experimental expen-
schedules will result in an incomplete New Jersey Corpora- ditures are qualified research expenses or basic research
tion Business Tax return and the taxpayer may be assessed payments for which an amount of credit is claimed pursuant
penalties and interest for noncompliance. See Technical Bul- to section 1 of P.L.1993, c.175 (C.54:10A-5.24) unless those
letin, TB-98, Federal Return and the Forms and Schedules to research and experimental expenditures are also used to
Include with the Corporation Business Tax Return Pursuant compute a federal credit claimed pursuant to I.R.C. § 41.
to P.L. 2020, C. 118.
Include separate riders explaining any items reported.

Part II – Modifications to Entire Net Income Line 11 – Taxable income/(loss) with additions
Additions Add line 1 through line 10 and enter the total.
Line 1 – Taxable income/(loss)
Enter the amount from Schedule A, Part I, line 28. Deductions
Line 12 – Depreciation modification being subtracted from
Line 3 – Other federally exempt income income
For tax years beginning on and after January 1, 2018, all in- Enter the depreciation and other adjustments being sub-
come that was exempt for federal income tax purposes under tracted from income. See Schedule S instructions for more
any provision of the Internal Revenue Code or any federal law information.
must be added back. If such amounts were not added back on
any other line of Schedule A, include such amounts on line 3 Line 13 – Previously Taxed Dividends
and include a rider detailing such amounts and such provisions If line 1 includes any dividends that were previously taxed for
of the Internal Revenue Code. New Jersey purposes, complete Schedule PT and Schedule R
to determine the amount that can be deducted. Include only
Note: Items of income excluded from federal taxable net in- dividends that were taxed in a prior tax year by New Jersey.
come pursuant to the specific terms of a treaty do not Do not include any federal previously taxed income that was
have to be added back to entire net income. not taxed by New Jersey. Schedule PT is available on the Divi-
sion’s website.
Line 4 – Interest on federal, state, municipal, and other
obligations Lines 14a and 14b – I.R.C. § 250(a) deduction
Include any interest income that was not taxable for federal in- If line 1 includes GILTI and/or FDII amounts, enter the amount
come tax purposes and was not included in taxable net income of the deduction allowable and taken for federal purposes un-
reported on line 1. der I.R.C. § 250(a) on the appropriate line. Include a copy of
federal Form 8992 and/or 8993.
Line 5 – New Jersey State and other states taxes
Enter the total taxes paid or accrued to the United States, a Line 14c – Net GILTI previously taxed by New Jersey
possession or territory of the United States, a state, a political Enter the amount of net GILTI previously taxed by New Jersey
subdivision thereof, or the District of Columbia, or to any for- not deducted or excluded elsewhere on the return. Attach a
eign country, state, province, territory or subdivisions thereof, rider detailing the amount of GILTI that was previously taxed
on or measured by profits or income, business presence or and the years in which the tax was paid.
business activity, including any foreign withholding tax, or any
sales and use tax paid by a utility vendor, taken as a deduction Line 15 – I.R.C. § 78 Gross-up
in Part I of Schedule A and reflected in line 28. For additional The portion of any I.R.C. § 78 gross-up included in dividend
information see Technical Bulletin TB-80, Addback of Other income on line 4 of Schedule A, Part I, that is not excluded/de-
States’ Taxes, and the Schedule H instructions. ducted from taxable net income elsewhere, may be deducted
on this line. Include a copy of federal foreign tax credit, Form
Line 6 – Related party interest addback 1118.
Enter the total amount of interest deducted on Schedule A that
was paid to related members and reported on Schedule G, Note: I.R.C. § 78 gross-up amounts cannot be included in
Part I. See Schedule G instructions for more information. the dividend exclusion calculation on Schedule R or
Form 332, which is the form used to calculate the Tiered
Line 7 – Related party intangible expenses and costs Subsidiary Dividend Pyramid Tax Credit. In addition, if
addback any portion of the Section 78 amount is included in the
Enter the total amount of intangible expenses and costs de- taxpayer’s Section 250 deduction, the amount being de-
ducted on Schedule A that was paid to related members and ducted on line 15 must be reduced accordingly.
reported on Schedule G, Part II. See Schedule G instructions
for more information. Line 17a – Nonoperational Activity
Enter the net effect of the elimination of nonoperational activity
Line 9 – Depreciation modification being added to income from Schedule O, Part I, line 36. Schedule O is available on
Enter the depreciation and other adjustments being added to the Division’s website.
income. See Schedule S instructions for more information.
Line 17b – Nonunitary Partnership Income
Line 10 – Other additions Enter the net effect of the elimination of nonunitary partnership
Report any other additions to income for which a place has not income and expenses from Schedule P-1, Part II, line 4.
been provided somewhere else on the return. This includes,
but is not limited to:

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Line 18 – Other deductions • If the amount is zero or less, skip lines 25 through 28 and
Report any other deduction adjustments for which a place has enter zero on line 29.
not been provided somewhere else on the return. The taxpayer
must include a rider detailing the information. • If the amount is a positive number, continue to line 25.
Line 25 – Post-allocation net operating loss (NOL)
Line 19 – Total Deductions
Add line 12 through line 18 and enter the total. deduction
Taxpayers with net operating losses generated in tax years
Line 20 – Entire Net Income/(Loss) Subtotal ending on and after July 31, 2019, can use such losses as a
Subtract line 19 from line 11 and enter the total. post-allocation net operating loss deduction. A post allocation
net operating loss can be carried forward for 20 privilege pe-
Line 21 – Allocation Factor from Schedule J riods. The post allocation net operating loss deduction is sub-
All taxpayers must complete Schedule J. Enter allocation tracted from allocated entire net income after the taxpayer uses
factor from Schedule J. See Schedule J instructions for more all of its PNOLs if the taxpayer still has allocated entire net
information. income after the PNOL subtraction. See Form 500 instructions
for more information.
Line 22 – Allocated entire net income/(loss) before net op-
erating loss deductions and dividend exclusion Note: If the taxpayer was formerly a taxable member of a New
Multiply line 20 by line 21 and enter the result. Jersey combined group, they can use their share of the
combined group post-allocation net operating loss carry-
• If the amount is zero or less, this is the taxpayer’s current overs but must include a rider detailing the NU number
year net operating loss that can be carried forward as a of the combined group where the NOLs were generated.
post-allocation net operating loss (NOL) deduction to a suc-
ceeding tax period pursuant to N.J.S.A. 54:10A-4(v). Line 26 – Allocated entire net income before allocated div-
idend exclusion
• If the amount is a positive number, the taxpayer must Subtract line 25 from line 24 and enter the result. If the amount
first use any unused unexpired prior net operating loss is zero or less, enter zero here and on line 29.
conversion carryovers pursuant to N.J.S.A. 54:10A-4(u).
This deduction occurs on Schedule A, Part II, line 23. If the Line 27 – Allocated Dividend Exclusion
taxpayer does not have any unused unexpired prior net op- Enter the amount from Schedule R, line 13. See Schedule R
erating loss conversion carryovers, enter zero. instructions for more information.
Note: A net operating loss is the excess of allowable deduc- Note: The amount of the dividend exclusion allowed to be
tions over gross income used in computing entire net taken as a deduction is limited to the amount of income
income. Neither a net operating loss deduction nor the reported on line 26 for the tax year.
dividend exclusion is an allowable deduction in comput-
ing a net operating loss. Post-allocation net operating Pursuant to N.J.S.A. 54:10A-4(k)(5), N.J.S.A. 54:10A-4(u),
losses expire 20 privilege periods after the loss was N.J.S.A. 54:10A-4(v), and N.J.S.A. 54:10A-4(w), the dividend
originally generated. Information on the net operating exclusion is now an allocated exclusion.
losses must be detailed on Form 500.
Line 29 – Taxable net income
Net operating losses/net operating loss carryovers Subtract line 27 from line 26 and enter the result.
now occur on a post-allocation basis. If the tax-
payer has net operating losses from before Part III – Computation of New Jersey Tax Base
July 31, 2019, those unused unexpired pre-alloca- Line 1 – Taxable net income
tion net operating loss carryovers must be converted to prior Enter the amount from Schedule A, Part II, line 29. Most
net operating loss conversion carryovers using the allocation taxpayers will also enter this amount on line 2c. Investment
factor from the taxpayer’s last tax year prior to the change to companies and real estate investment trusts must follow the
post-allocation net operating losses. For more information, instructions on line 2a or line 2b, respectively.
see Technical Bulletin, TB-94, General Information on the
New Net Operating Loss Regime for Tax Years Ending on Line 2a – Investment Company
and After July 31, 2019. Qualified investment companies enter 40% of line 1. See the
Corporations Required to File section for information about in-
Line 23 – Prior year net operating loss (PNOL) deduction vestment companies.
Any unused and unexpired net operating loss carryovers that
were calculated on a pre-allocation basis (net operation losses Note: Check the box on page 1 to indicate the corporation is
from tax years ending prior to July 31, 2019) were required to an investment company.

be converted to an allocated prior net operating loss conver- Line 2b – Real Estate Investment Trust
sion carryover (PNOL). If the taxpayer has no PNOL, enter Qualified real estate investment trusts enter 4% of line 1. See
zero. See Form 500 instructions for more information. the Corporations Required to File section for information about
Note: PNOLs expire 20 privilege periods after the loss was real estate investment trusts.
originally generated. Note: Check the box on page 1 to indicate the corporation is a
real estate investment trust.
Line 24 – Allocated entire net income before post alloca-
tion net operating loss deduction Line 2c – All Others
Subtract line 23 from line 22 and enter the result. Enter the amount from line 1 if the taxpayer is not filing as ei-
ther an investment company or a real estate investment trust.

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Line 3a – New Jersey Nonoperational Income
Enter the amount from Schedule O, Part III. See Schedule O Schedule A-4
for more information. This schedule is available on the Divi- Summary Schedule
sion’s website. Every corporation must complete this schedule. Report the in-
formation on each line of Schedule A-4 from the return sched-
Note: Taxpayers cannot net nonoperational losses against op- ules indicated. All lines must be completed as applicable.
erational income.

Line 3b – Nonunitary Partnership Income Schedule A-GR
Enter the amount from Schedule P-1, Part II, line 5. See Schedule A-GR has been discontinued. All taxpayers must
Schedule P-1 instructions for more information. complete Schedule J.
Note: Taxpayers cannot net nonunitary partnership losses
against operational income.
Schedule B
Schedule B has been discontinued. The Division will use data
Line 4 – Tax Base from federal Form 1120, Schedule L.
Add lines 3a and 3b to line 2a, 2b, or 2c, whichever is
applicable.
Schedules C and C-1
Schedules C and C-1 have been discontinued. TheDivision will
Schedule A-2 use data from federal Form 1120, Schedules M-1, M-2, and
Cost of Goods Sold M-3.
The amounts reported on this schedule must be the same as
the amounts reported on the taxpayer’s federal Form 1125-A.
Include Form 1125-A with the return.
Schedule F
General Information and Compensation
All applicable information should be provided for each corpo-
Schedule A-3 rate officer regardless of whether compensation was received.
Summary of Tax Credits The data reported on Schedule F must match what is reported
This schedule must be completed if any tax credits are being on federal Form 1125-E. Include Form 1125-E with your return.
claimed for the current tax period. Any tax credit(s) claimed on
this schedule must be documented with a valid New Jersey
Corporation Business Tax credit form and must be included
Schedule G
with the tax return. See the Additional Forms and Instructions
section for a list of available credit forms and for instructions Interest
If the taxpayer is claiming an exception to the disallowance of
on obtaining them. If the taxpayer is claiming a valid tax credit the expense reported in Part I or Part II of Schedule G, the tax-
that is allowable in accordance with the New Jersey Corpora- payer must complete and include Schedule G-2. Schedule G-2
tion Business Tax Act for which a place has not been provided is available on the Division’s website.
somewhere else on the schedule, report the amount on the
“Other” line in the appropriate section of Schedule A-3. Definitions
Related member means a person that, with respect to the
Taxpayers must include the appropriate credit taxpayer during all or any portion of the tax year is (1) a related
form in the year the credit was earned even if they entity, (2) a component member as defined in subsection (b) of
are not claiming the credit on their tax return. I.R.C. § 1563, (3) a person to or from whom there is attribution
of stock ownership in accordance with subsection (e) of I.R.C.
§ 1563, or (4) a person that, notwithstanding its form of organi-
Part I – Tax Credits Used Against Liability zation, bears the same relationship to the taxpayer as a person
The total on line 30 must equal the amount reported on page 1, described in (1) through (3) of this definition.
line 3. Amounts to be entered are calculated on the credit
forms. See the specific New Jersey Corporation Business Tax Related entity means (1) a stockholder who is an individual
credit form for information about each credit. or a member of the stockholder’s family enumerated in I.R.C.
§ 318, if the stockholder and the members of the stockholder’s
Note: Most tax credits cannot reduce the tax liability below the family own, directly, indirectly, beneficially or constructively,
minimum tax. However, there are rare instances where in the aggregate, at least 50% of the value of the taxpayer’s
it can. If claiming a tax credit that can reduce the tax to outstanding stock; (2) a stockholder, or a stockholder’s partner-
zero, do not enter an amount on page 1, line 6a. ship, limited liability company, estate, trust or corporation, if the
stockholder and the stockholder’s partnerships, limited liability
Part II – Refundable Tax Credits companies, estates, trusts and corporations own directly, indi-
If the credit form calculates an amount to be refunded, enter rectly, beneficially or constructively, in the aggregate, at least
the refundable portion on the appropriate line. The total on 50% of the value of the taxpayer’s outstanding stock; or (3) a
line 6 must equal the amount reported on page 1, line 10c. corporation, or a party related to the corporation in a manner
that would require an attribution of stock from the corporation
to the party or from the party to the corporation under the
attribution rules I.R.C. § 318, if the taxpayer owns, directly, in-
directly, beneficially or constructively, at least 50% of the value
of the corporation’s outstanding stock. The attribution rules of

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I.R.C. § 318, shall apply for purposes of determining whether 
the ownership requirements of this definition have been met.               Schedule J
                                                                           Computation of Allocation Factor
Intangible expenses and costs includes (1) expenses,                       All taxpayers must complete this schedule. 
losses, and costs, for, related to, or in connection directly or in-
directly with the direct or indirect acquisition, use, maintenance         Only activities related to operational activity are to be used in 
or management, ownership, sale, exchange, or any other dis-                computing the general allocation factors. If the taxpayer has 
position of intangible property to the extent such amounts are             nonoperational activity, see Schedule O. If the taxpayer has 
allowed as deductions or costs in determining taxable income               nonunitary partnership income, see Schedule P-1.
before operating loss deduction and special deductions for the 
                                                                           Lines 1a–1e – Receipts Fraction 
tax year under the federal Internal Revenue Code of 1986, 26               Receipts from sales of tangible personal property are allo-
U.S.C. s.1 et seq., (2) losses related to, or incurred in connec-          cated to New Jersey if the goods are shipped to points within 
tion directly or indirectly with factoring transactions or discount-       New Jersey. Receipts from the sale of goods are allocable to 
ing transactions, (3) royalty, patent, technical and copyright             New Jersey if shipped to a New Jersey or a non-New Jersey 
fees, (4) licensing fees, and (5) other similar expenses and               customer where possession is transferred in New Jersey. 
costs.                                                                     Receipts from the sale of goods shipped to a taxpayer from 
Intangible Property means patents, patent applications, trade              outside New Jersey to a New Jersey customer by a common 
names, trademarks, service marks, copyrights, mask works,                  carrier are allocable to New Jersey. Receipts from the sale 
trade secrets, and similar types of intangible assets.                     of goods shipped from outside New Jersey to a New Jersey 
                                                                           location where the goods are picked up by a common carrier 
Intangible Interest Expenses and Costs means amounts                       and transported to a customer outside New Jersey are not allo-
directly or indirectly allowed as deductions under I.R.C. § 163            cable to New Jersey. Receipts from the following are allocable 
for purposes of determining taxable income under the code to               to New Jersey: services performed if the benefit of the service 
the extent such expenses and costs are directly or indirectly              is received in New Jersey; rentals from property situated in 
for, related to, or in connection with the direct or indirect acqui-       New Jersey; royalties from the use in New Jersey of patents, 
sition, maintenance, management, ownership, sale, exchange,                copyrights, and trademarks; all other business receipts earned 
or disposition of intangible property.                                     in New Jersey.
                                                                           Receipts from Sales of Capital Assets: Receipts from sales 
Part I – Interest                                                          of capital assets (property not held by the taxpayer for sale to 
Interest paid, accrued, or incurred to related members that 
was deducted in computing taxable net income on line 28,                   customers in the regular course of business), either within or 
Part I, Schedule A, must be reported on Schedule G, Part I. If             outside New Jersey, should be included in the numerator and 
the taxpayer is claiming an exception to the disallowance, com-            the denominator based on the net gain recognized and not on 
plete and include Schedule G-2, and include the appropriate                gross selling prices. If the taxpayer’s business is the buying 
amount on Schedule G, Part I, line b. Schedule G-2 is available            and selling of real estate or the buying and selling of securities 
on the Division’s website.                                                 for trading purposes, gross receipts from the sale of such as-
                                                                           sets should be included in the numerator and the denominator 
Do not include interest expenses and costs that were deducted              of the receipts fraction.
directly or indirectly for, related to, or in connection with the 
direct or indirect acquisition, maintenance, management, own-              For tax years ending on and after July 31, 2019, services are 
ership, sale, exchange, or disposition of intangible property in           sourced based on market sourcing not cost of performance. 
Part I of Schedule G.                                                      Note:  The amount of dividends (deemed and/or paid divi-
                                                                              dends) excluded from entire net income pursuant to 
Part II – Interest expenses and costs and                                     N.J.S.A. 54:10A-4(k)(5), are not included in the numer-
intangible expenses and costs                                                 ator or denominator of the receipts fraction. However, 
Interest expenses and costs and intangible expenses and                       the dividend (deemed and/or paid dividends) values 
costs directly or indirectly paid, accrued, or incurred to, or in             that are not excluded are included in the numerator or 
connection directly or indirectly with one or more direct or in-              denominator. 
direct transactions with one or more related members which 
were deducted in computing taxable net income on line 28,                              Schedule J must be completed after calculating the 
Part I, Schedule A, must be reported on Schedule G, Part II. If                        DIVIDEND EXCLUSION line on Schedule R but 
the taxpayer is claiming an exception to the disallowance, com-                        before calculating the line for the ALLOCATED 
plete and include Schedule G-2, and include the appropriate                            DIVIDEND EXCLUSION. The amount from the 
amount on Schedule G, Part II, line b. Schedule G-2 is avail-              DIVIDEND EXCLUSION line from Schedule R is the amount to 
able on the Division’s website.                                            use when calculating the dividends and deemed dividends 
                                                                           excluded from the numerator and/or denominator for the 
                                                                           purposes of completing Schedule J.
Schedule H 
Taxes                                                                      GILTI and FDII: Include the GILTI and the receipts attribut-
Itemize all taxes that were in any way deducted in arriving at             able to the FDII, net of the respective allowable I.R.C. §250(a) 
taxable net income, whether reflected in Schedule A, Part I at             deductions, in the allocation factor. The net amount of GILTI 
line 2 (Cost of goods sold and/or operations), line 17 (Taxes),            (i.e., the GILTI reduced by the I.R.C. § 250(a) GILTI deduc-
line 26 (Other deductions), or anywhere else on Schedule A.                tion) and the net FDII (i.e., the receipts attributable to the FDII 
                                                                           reduced by the I.R.C. § 250(a) FDII deduction) amounts are 
                                                                           included in the numerator (if applicable) and the denominator. 
                                                                           Do not include the underlying receipts of the controlled foreign 
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corporation generating the GILTI in the numerator or denomi- calculated using a quarterly average. The fee for each resident
nator. See Technical Bulletin, TB-92(R), Sourcing IRC § 951A and nonresident professional with physical nexus with New
(GILTI) and IRC §250 (FDII), for more information. Jersey is $150. The fee for each nonresident professional
without physical nexus with New Jersey is $150 multiplied by
Line 1h – Single Sales Fraction the allocation factor of the corporation. The fee is limited to
Divide line 1f (New Jersey based receipts) by line 1g (Total Re- $250,000 per year.
ceipts everywhere) and enter the result. When computing the
allocation factor in Schedule J, division must be carried to six In the event of a period shorter than a year, the fee and limit
(6) decimal places, e.g., 0.123456. 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 pro-
Schedule P-1
fessional corporation.
Partnership Investment Analysis
Part I – Partnership Information Part II, line 4 – Installment Payment: A 50% prepayment to-
Itemize the investment in each partnership, limited liability wards the subsequent year’s fee is required with the current
company and any other entity that is treated for federal tax year’s return.
purposes as a partnership. List the name, the federal identi-
fication number, and the date and state where organized for Part II, line 8 – Credit: Amount to be credited towards next
each partnership. Also, check the type of ownership (general or year’s fee. This fee is not eligible for refund.
limited), the tax accounting method used to reflect your share
of partnership activity on this return (flow through method or
separate accounting) and whether or not the partnership has Schedule P
nexus in New Jersey. Itemize in column 7 the amount of tax Subsidiary Investment Analysis
payments made on behalf of the taxpayer by partnership enti- Itemize the investment in each subsidiary company in which
ties. Carry the total amount of taxes paid on behalf of taxpayer the taxpayer holds 80% or more of the combined voting power
to page 1, line 10b. Include a copy of Schedule NJK-1 from of all classes of stock entitled to vote and at least 80% of the
Form NJ-1065. Any one member limited liability company must total number of shares of all other classes of stock. For each
be included on this schedule. subsidiary, report the name, the percentage of interest held
in each company, the individual book value included in the
Part II – Separate Accounting of Nonunitary balance sheet for each subsidiary investment, and the amount
Partnership Income of dividends paid and/or deemed received that is included
Taxpayers that use a Separate Tax Accounting Method on in gross income on Schedule A. Do not include advances or
nonunitary partnership investments must complete Part II to other receivables due to subsidiaries in the book value re-
compute the appropriate amount of tax. Pursuant to N.J.S.A. ported at column 3. Federal previously taxed dividends must
54:10A-6, taxpayers must enter a single sales factor allocation be included. However, dividends that have been previously
in column 3. Do not use three factor allocation (property, pay- taxed by New Jersey are not included on Schedule P, but must
roll, and sales) from the partnership return (Form NJ-1065). be reported on Schedule PT. In addition, do not include the
following:
• Money market fund or REIT income;
Schedule PC
Per Capita Licensed Professional Fee • GILTI or FDII (this is not considered income from dividends
Professional corporations (PC) formed under N.J.S.A. or deemed dividends for New Jersey Corporation Business
14A:17-1 et seq. or any similar laws of a possession or territory Tax purposes); or
of the U.S., a state, or political subdivision thereof, are liable • The portion of I.R.C. § 78 gross-up deducted on Sched-
for a fee on licensed professionals. ule A, Part II, line 15.
Per N.J.S.A. 14A:17-3, examples of licensed professionals are: New Jersey follows the federal ownership attribution rule
certified public accountants, architects, optometrists, profes- changes under I.R.C. § 958(b) and I.R.C. § 318 that broadened
sional engineers, land surveyors, land planners, chiropractors, the federal attribution rules that were retroactive to January 1,
physical therapists, registered professional nurses, dentist, 2017, in addition to the already broad Corporation Business
osteopaths, physicians and surgeons, doctors of medicine, Tax attribution rules.
doctors of dentistry, podiatrists, veterinarians and, subject to
the Rules of the Supreme Court, attorneys at law. Part I is for reporting information from domestic subsidiaries.
Part II is for reporting information on foreign subsidiaries.
Note: Licenses acquired through vocational training and/or
apprenticeships within those trades are not considered
licensed professionals. Examples include plumbers, Schedule R
electricians, HVAC technicians, cosmetologists, fire and
Dividend Exclusion
burglar alarm services, acupuncturists, hair stylists, ele- For privilege periods ending on and after July 31, 2019, the
vator, escalator, and moving walkway mechanics, lock- dividend exclusion is a post-allocation exclusion.
smiths, and court reporters.
Dividends from all sources must be included in Schedule A.
The fee is assessed provided there are more than two pro- However, taxpayers may exclude from entire net income 95%
fessionals in the PC. The fee is assessed on professionals of dividends from qualified subsidiaries, if such dividends were
that are owners, shareholders, and/or employees of the pro- included in the taxpayer’s gross income on Schedule A.
fessional corporation. The number of professionals should be

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Taxpayers cannot include the following as part of the dividend Part I – Depreciation and Safe Harbor Leasing
exclusion:
New Jersey has decoupled from I.R.C. §168(k)
• Money market fund or REIT income; bonus depreciation and I.R.C. § 179 expensing
provisions. See N.J.S.A. 54:10A-4(k)(12) and
• GILTI or FDII (as this is not considered income from div-
N.J.S.A. 54:10A-4(k)(13). Adjustments must be
idends or deemed dividends for New Jersey Corporation made accordingly.
Business Tax purposes); or
• The portion of I.R.C. § 78 gross-up deducted on line 15, Line 1 through Line 6 – These lines detail the depreciation
Part II, Schedule A. deduction reflected in the Computation of Entire Net Income
(Schedule A, Part I) into several categories. In most circum-
A qualified subsidiary is defined as ownership by the tax- stances, the information can be found on federal Form 4562.
payer of at least 80% of the total combined voting power of
all classes of stock entitled to vote and at least 80% of the Line 7 – Enter the amount reported on the federal Form 4562.
total number of shares of all other classes of stock, except
Line 8 – Enter the amount of current depreciation on property
non-voting stock which is limited and preferred as to dividends.
placed in service in prior years carried over into the current
With respect to other dividends, the exclusion is limited to 50%
period.
of such dividends included in the taxpayer’s gross income on
Schedule A, provided the taxpayer owns at least 50% of vot- Line 9 – Enter the amount from Depreciation Worksheet I,
ing stock and 50% of the total number of shares of all other line 10, column F.
classes of stock.
Line 11 – IRC § 179 depreciation in excess of New Jersey
If the taxpayer received tiered dividends from a tiered subsidi- allowable deduction. If line 1 is more than $25,000, enter
ary that filed and paid tax in excess of the minimum tax to New $25,000. Otherwise, leave blank.
Jersey on those same dividends, do not include these divi-
dends on Schedule R. 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
The tiered dividend exclusion has been phased out and re- line 15. If it is negative, subtract it from the total.
placed with the Tiered Subsidiary Dividend Pyramid Tax Credit
on Form 332. The tiered dividends from certain subsidiaries Line 13 – Enter any adjustment to depreciation that is an addi-
may be eligible for a tax credit, which is calculated separately tion. This can include, but is not limited to, partnership activity.
on Form 332. See Form 332 for more information. This form is
available on the Division’s website. Line 14 – Enter any adjustment to depreciation that is a deduc-
tion. This can include, but is not limited to, partnership activity.
New Jersey follows the federal ownership attribu-
tion rule changes under I.R.C. §958(b) and I.R.C. Part II – New Jersey Depreciation for Gas,
§318 that broadened the federal attribution rules Electric, and Gas and Electric Public Utilities
that were retroactive to January 1, 2017, in addi- Gas, electric, and gas and electric utilities must complete this
tion to the already broad Corporation Business Tax attribution schedule to compute their New Jersey depreciation allowable
rules. for the single asset account, which is comprised of all depre-
ciable property placed in service prior to January 1, 1998. The
A 95% dividend exclusion will be granted for dividends that are basis of this asset account will be the total federal depreciable
included in entire net income from an 80% or greater owned basis as of December 31, 1997, plus the excess of the book
subsidiary. If the taxpayer owns 50%, but less than 80% of a depreciable basis over the federal tax basis as of December 31,
subsidiary, they are entitled to a 50% exclusion. Any subsid- 1997. This basis will be reduced yearly by the federal basis of
iary that is owned less than 50% is not entitled to a dividend these assets sold, retired or disposed of from January 1, 1998,
exclusion. See N.J.S.A. 54:10A-4(k)(5), N.J.S.A. 54:10A-4(u), to date.
N.J.S.A. 54:10A-4(v), and N.J.S.A. 54:10A-4(w) for more
information. Note: Gas, electric and gas, and electric utilities may have
adjustments from both Part I and Part II. If the taxpayer
Schedule PT – Previously Taxed Dividends: If you had has amounts reported on Schedule S, Part II, lines 1
subsidiary dividend income that was reported in a previous tax through 5, enter the amount from Schedule S, Part I,
year for New Jersey Corporation Business Tax purposes and line 23 onto Schedule S, Part II, line 6b, not Schedule A,
for which you paid greater than the New Jersey minimum tax Part II, line 9 or line 12.
in that tax year and those same dividends are included in your
entire net income this tax year, complete Schedule PT in con- Worksheet I
junction with Schedule R. See Schedule PT for more informa- Column A – Sort the property you acquired and placed in
tion. This schedule is available on the Division’s website. service during the tax year 2022 according to its classification
(3-year property, 5-year property, etc.) as shown in column A.
Schedule S Column B – Use the federal basis adding back the special de-
All taxpayers must complete this schedule and must in- preciation reduction.
clude a copy of a completed federal Depreciation Schedule,
Form 4562. Schedule S provides for adjustments to deprecia- Column C – Enter the bonus depreciation claimed (50% or
tion and certain safe harbor leasing transactions. Gas, electric 30%). If both categories of bonus depreciation are claimed,
and gas, and electric utilities must also complete Schedule S, provide a rider detailing the assets that used 50% and the as-
Part II, for property placed in service prior to January 1, 1998. sets that used 30%.

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Column D – Enter the convention that was used for federal the federal rules that limits or reduces federal net operating
purposes. The applicable conventions are Half-Year Conven- losses and federal net operating loss carryovers.
tion, Mid-Quarter Convention, or the Mid-Month Convention.
Section A – Computation of Prior Net Operating
Column E – Enter the method that was selected for federal
purposes. The applicable methods are 200% declining bal- Losses (PNOL) Deduction
Only complete this section if the Allocated Entire Net Income/
ance, 150% declining balance, or straight-line. (Loss) before net operating loss deductions and dividend ex-
Column F – Enter the amount of federal depreciation claimed clusion on Schedule A, Part II, line 22 is positive.
on federal Form 4562. If the taxpayer had any PNOL, check the box marked “Yes”
Column G – To determine the New Jersey depreciation, multi- and begin Form 500 at Section A, line 1.
ply column B by the applicable rate from the appropriate table If the taxpayer had no PNOL, check the box marked “No.”
(See IRS Pub. 946 for complete tables). Enter the total on Enter zero on Schedule A, Part II, line 23 and continue with
Schedule S, Part I, line 9. Section B.
Worksheet II Line 1 – Enter the total amount reported in Worksheet 500-P,
Column D – Enter the federal depreciation claimed up to the Part II, column 3.
date the property was sold.
Line 2 – Enter the amount of PNOL reported on line 1 that was
Column E – Enter the New Jersey depreciation claimed up to deducted in a previous year.
the date the property was sold.
Line 3 – Enter the amount of PNOL that has expired.
Column F – Enter the difference between column D and col-
umn E. If the amount is positive, there is an excess of depre- Line 4 – Enter the amount excluded from federal taxable in-
ciation that must be added to the federal amount claimed on come under subparagraph (A), (B), or (C) of paragraph (1) of
Part I, line 7. If the amount is negative, there is a deficiency subsection (a) of Internal Revenue Code (26 U.S.C. s.108). If
that must be deducted from Part I, line 7. the amount is greater than the PNOL reported on line 1 (less
lines 2 and 3), carry the remainder to Section B, line 5.
Line 5 – Subtract the amounts reported on lines 2 through 4
Form 500 from the amount on line 1. This is the total amount of PNOL
Post Allocation Net Operating Loss (NOL) and available for deduction in the current year. If the amount is less
Prior Net Operating Loss Conversion Carryover than zero, enter zero.
(PNOL) Deductions
Post Allocation Net Operating Loss (NOL) are losses that were Line 6 – Enter the amount reported on Schedule A, Part II,
generated in tax years ending on or after July 31, 2019. These line 22. If the amount is less than zero, enter zero.
losses occur on a post-allocation basis.
Line 7 – Enter the lesser of lines 5 or 6. This is the current
The Prior Net Operating Losses (PNOL) are losses that were year PNOL deduction. Enter the amount on Schedule A, Part II,
generated in tax years ending prior to July 31, 2019. In order line 23.
to use these losses, the unused unexpired amounts must be
converted to a post-allocation basis. This conversion is done Section B – Post Allocation Net Operating
on Worksheet 500-P. Losses (NOL)
Only complete this section if the Allocated Entire Net Income/
(Loss) before net operating loss deductions and dividend ex-
PNOLs must be deducted from allocated entire clusion on Schedule A, Part II, line 24 is positive.
net income before any NOLs can be deducted.
Line 1 – Enter the amount of loss reported on Schedule A,
Part II, line 22 from previous tax periods. Enter the year in
For New Jersey Corporation Business Tax purposes, net oper- which the loss was generated.
ating losses and net operating loss carryovers have a 20-year
carryover period and can only be carried forward. No carry- On line 1, taxpayers will only check the box next
backs are allowed. PNOLs can only be carried forward for the to the Return Period Ending entry if the NOL is
20 privilege periods following the period of the initial loss. from a tax period in which the taxpayer was a tax-
able member on a New Jersey combined return.
For tax years beginning on and after January 1, 2020, the fed-
eral rules and regulations governing consolidated return net Note: The loss reported each year must not include any
operating losses and net operating loss carryovers apply to the amount excluded from federal taxable income under
New Jersey net operating loss carryover provisions to the ex- subparagraph (A), (B), or (C) of paragraph (1) of sub-
tent they are consistent with the provisions of the New Jersey section (a) of Internal Revenue Code (26 U.S.C. s.108).
Corporation Business Tax Act. If the New Jersey and federal
provisions differ, the New Jersey Corporation Business Tax Act Line 2 – Enter the total of all losses from line 1.
provisions govern. New Jersey generally follows the federal
rules governing mergers, acquisitions, reorganizations, spin- Line 3 – Enter that portion of the loss reported on line 2 that
offs, split-offs, dissolution, bankruptcy, or any form of cessation was deducted in a previous year.
of a business. New Jersey also follows any other provision of
Line 4 – Enter the amount of the NOL that has expired.

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Note: NOLs can be carried forward to each of the 20 privilege             •  Form 315: AMA Tax Credit
      periods following the privilege period of the loss.
                                                                          •  Form 316: Business Retention and Relocation Tax Credit
Line 5 – Enter the amount of any adjustments required under               •  Form 317: Sheltered Workshop Tax Credit
provisions of the federal Internal Revenue Code. New Jersey 
generally follows the federal rules governing mergers, acqui-             •  Form 318: Film Production Tax Credit
sitions, reorganizations, spin-offs, split-offs, dissolution, bank-       •  Form 319: Urban Transit Hub Tax Credit
ruptcy, or any form of cessation of a business. New Jersey also 
follows any other provision of the federal rules that limits or           •  Form 320: Grow New Jersey Tax Credit
                                                                            
reduces federal net operating losses and federal net operating            • Form 321: Angel Investor Tax Credit
loss carryovers. See N.J.S.A. 54:10A-4.5(c) for more informa-
tion. If the taxpayer reported an amount in Section A, line 4 of          • Form 322: Wind Energy Facility Tax Credit
Form 500, only enter the excess here. (Section A, line 1 minus 
lines 2, 3, and 4.)                                                       •  Form 323: Residential Economic Redevelopment and 
                                                                            Growth Tax Credit
Line 6 – Subtract the amounts reported on lines 3 through                 • Form 324: Business Employment Incentive Program Tax 
5 from the amount on line 2. This is the total amount of NOL                Credit
available for deduction in the current year. If the amount is less 
than zero, enter zero.                                                    •  Form 325: Public Infrastructure Tax Credit
Line 7 – Enter the amount reported on Schedule A, Part II,                • Form 327: Film and Digital Media Tax Credit
line 24. If the amount is less than zero, enter zero.                     •  Form 328: Tax Credit for Employers of Employees With 
                                                                            Impairments
Line 8 – Enter the lesser of lines 6 or 7. This is the current 
year NOL Deduction. Enter the amount on Schedule A, Part II,              • Form 329: Pass-Through Business Alternative Income Tax 
line 25.                                                                    Credit
                                                                          • Form 330: Apprenticeship Program Tax Credit
Worksheet 500-P
Worksheet 500-P was designed to help taxpayers transition to              • Form 331: Tax Credit for Employer of Organ/Bone Marrow 
the new net operating loss regime. Taxpayers were required to               Donor
convert these losses using the allocation factor from the last            •
                                                                             Form 332: Tiered Subsidiary Dividend Pyramid Tax Credit
privilege period ending before July 31, 2019. A copy of this 
form must be included with the taxpayer’s return each year                •  Form 333: Personal Protective Equipment (PPE) Manufac-
until the losses are used up or expired but is not recomputed               turing Tax Credit
each year. 
                                                                          • Form 334: Innovation Evergreen Fund Tax Credit
                                                                          •  Form 335: Unit Concrete Products Tax Credit
Additional Forms and Instructions
Most of the forms and schedules needed to complete the 
return are included with Form CBT-100. However, there are 
several stand alone forms and schedules that taxpayers can 
obtain on the Division’s website. This includes: 
•  Schedule G-2: Claim for Exceptions to Disallowed Interest 
   and Intangible Expenses and Costs 
•  Schedule N: Nexus  –Immune Activity Declaration and the 
   Nexus Questionnaire 
•  Schedule O: Nonoperational Activity
•  Schedule PT: Dividend Exclusion for Certain Previously 
   Taxed Dividends 
•  Form 300: Urban Enterprise Zone Employees Tax Credit
•  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 In-
   vestment Tax Credit
•  Form 306: Research and Development Tax Credit
•  Form 311: Neighborhood Revitalization State Tax Credit
•  Form 312: Effluent Equipment Tax Credit
•  Form 313: Economic Recovery Tax Credit

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