315: AMA Tax Credit (2024)
New Jersey · NJ Division of Taxation · Used for tax years 2024
Form 315 calculates the allowable Alternative Minimum Assessment (AMA) Tax Credit against New Jersey Corporation Business Tax for 2024 and the unused credit carried forward to the following year. It includes separate calculations for separate-return and combined-return filers.
Who files this form
Use Form 315 to claim an Alternative Minimum Assessment (AMA) tax credit carried forward against New Jersey Corporation Business Tax (CBT) liability. Include the completed form with your CBT-100, CBT-100S, or CBT-100U return to validate the claim.
- The AMA must have been required and paid by the taxpayer. A taxpayer that was not required to pay AMA cannot claim the credit.
- New Jersey S corporations that formerly filed as C corporations and had an AMA liability may claim the credit on CBT-100S, subject to the same rules.
- For a combined return, the member that earned the credit must complete Form 315.
What you'll need
Have these amounts and return details available to complete Form 315:
- Your name as shown on the return, federal ID number, and unitary ID number, if applicable.
- The AMA tax credit carried forward from the prior year.
- Your CBT-100, CBT-100S, or CBT-100U tax liability amounts.
- Other tax credits already applied on the current return.
- For CBT-100 and CBT-100S filers, New Jersey gross receipts to determine the required minimum tax. The instructions also provide a payroll-based minimum tax rule for certain affiliated or controlled group members filing separately.
- For combined return filers, the required amounts from Schedule A. Members not sharing their credit also need the group and member allocation factors from Schedule J, line 9.
How to file
Include completed Form 315 with your CBT-100, CBT-100S, or CBT-100U return. The supplied text does not give a mailing address or e-filing directions.
- CBT-100 or CBT-100S: Complete Part I. Enter the allowable credit from line 9 on Schedule A-3, Part I of your return. Line 10 shows the carryforward to the following year.
- CBT-100U: Check the combined return filers box and complete Part II, Section A. Do not complete Part I.
- If sharing the credit: Enter line 19 in the member’s column of Schedule A-3, Part I of CBT-100U, and complete line 20 for the carryforward.
- If not sharing the credit: Fill in the non-sharing oval, skip line 20, and complete Part II, Section B. Enter line 28 in the member’s column of Schedule A-3, Part I of CBT-100U. Line 29 shows the carryforward.
Common mistakes
- Claiming a credit for AMA that was not required and paid. Both conditions must be met.
- Leaving out Form 315. A completed form must accompany the CBT return to validate the claim.
- Completing Part I for a combined return. Combined return filers must use Part II instead.
- Skipping Section A when not sharing. Non-sharing members must complete both Sections A and B and fill in the non-sharing oval.
- Omitting other credits already applied. List these on line 7, 17, or 26, as applicable, so the allowable credit is calculated accurately.
Questions people ask
Does the AMA credit carryforward expire?
No. The instructions state that carryforwards never expire, but the amount used on any single return is limited.
Can I use the credit to eliminate my entire tax liability?
No. For CBT-100 and CBT-100S filers, the AMA credit together with other tax credits is limited to 50% of total tax liability and cannot reduce liability below the statutory minimum. Combined return calculations also apply percentage and minimum-tax limits.
Must a combined group member share its credit?
No. Members may choose not to share. A non-sharing member must complete Part II, Sections A and B, and fill in the oval at the top of the form.
Can an S corporation claim the AMA credit?
Yes. A New Jersey S corporation that formerly filed as a C corporation and had an AMA liability may claim the credit on CBT-100S, subject to the rules in the instructions.