The minimum tax for affiliated or controlled groups remains the same, $2,000 for each member of a group that has a total payroll of $5,000,000 or more for a privilege period.
Accounting year, whether calendar or fiscal, is the same accounting period as for Federal tax purposes. Please note that the ending month of the accounting period for Federal returns and New Jersey returns must be the same, however, the tax return year in the return's title for the Federal and State returns may differ. For example, the tax return for a taxable year ending August 31, 2006, may be filed on a 2005 Federal 1120 form, but the State return for the same period must be filed on a 2006 New Jersey CBT-100.
The CBT-100 must be completed using the same method of accounting (cash, accrual, or other) that was used in completing the corporation's Federal return. New Jersey does not permit the filing of consolidated returns. A corporation which is included in a consolidated Federal return must complete all CBT-100 schedules on its own separate basis and include a copy of the Affiliations Schedule, Form 851, which was filed with Federal Form 1120.
The due date for the filing of a CBT-100 is the 15th day of the fourth month following the ending month of the accounting period. For example, if a corporation's accounting period ends on June 30, 2006, the due date for filing the 2005 New Jersey CBT-100 is October 15, 2006. (since October 15, 2006 is a Sunday, the return is due the next business day)
In general, the State of New Jersey will grant an automatic six-month extension of time to file the CBT-100. However, no extensions will be granted unless requested on tentative return form CBT-200T which must be postmarked on or before the original due date for filing the return. The CBT-200T must include the tentative tax payment.
Last Updated: Friday, 10/01/10