That BAIT Tax sure sounded like a can of worms.  So I looked it up and it seems that New Jersey has a new way to tax "Pass Through Entities" with a  "Business Alternatives Income Tax."  Makes me glad I live in a state where I can pump my own gas.  I'm sure the OP knows more about it than I do, and I don't use Lacerte so I don't know how they are handling it.  However, for others here who may be interested, here is the state's FAQ:

https://www.state.nj.us/treasury/taxation/baitpte-faq.shtml

Are you preparing the entity? If so what type? 

Or are you entering a K-1 into the Individual tax?

I preparing the entity.  Do not see the form PTE-100  although I can Efile it.