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New Jersey Wind Energy Facility Tax Credit
Extracted from PDF file 2023-new-jersey-form-322.pdf, last modified October 2023Wind Energy Facility Tax Credit
FORM 322 New Jersey Corporation Business Tax Wind Energy Facility Tax Credit 2023 Name as Shown on Return Federal ID Number Unitary ID Number, if applicable NU Read the instructions before completing this form Combined Return Filers The taxpayer is included as a taxable member on a New Jersey combined return. See instructions. Fill in oval if member is not sharing its credit with other members of the group. Part I Qualifications 1. Does the taxpayer have a valid project agreement executed by the New Jersey Economic Development Authority? ..................................................................................................................................................... YES NO 2. Has the taxpayer received a tax credit certificate issued by the New Jersey Division of Taxation?.............. YES NO Check the box to indicate a copy of the certificate has been submitted to the Division of Taxation............. Note: If the answer to question 1 or 2 is “NO,” do not complete the rest of this form. The taxpayer is not eligible for this tax credit. Otherwise, go to Part II. Part II Calculation of the Available Credit 3. Enter the approved credit amount as reported on the tax credit certificate for the current tax year... 3. 4. Wind Energy Facility Tax Credit carried forward from prior year........................................................ 4. 5. Total credit available (add lines 3 and 4)............................................................................................ 5. Part III Calculation of the Allowable Credit Amount and Carryforward (Combined return filers DO NOT complete Part III. Continue with Part IV.) 6. Enter tax liability from page 1, line 2a of CBT-100 or CBT-100S........................................................ 6. 7. If taxpayer is a tenant, enter the total lease payments made during the privilege period or tax year for occupancy in the qualified wind energy facility. Otherwise, continue to line 8............................... 7. 8. Other tax credits used by taxpayer on current year’s return (see instructions): (a) (b) (c) (d) .......................................Total 8. 9. Subtract line 8 from line 6. If zero or less, enter zero.......................................................................... 9. 10. Allowable credit for the current tax period. Tenants must enter the lesser of lines 5, 7, or 9 and other taxpayers must enter the lesser of lines 5 or 9 here and on Schedule A-3, Part I of the CBT-100 or CBT-100S......................................................................................................................... 10. 11. Amount of credit carryforward to following year’s return (subtract line 10 from line 5)........................ 11. Name as Shown on Return Part IV Federal ID Number Unitary ID Number, if applicable NU Calculation of Allowable Credit Amount and Carryforward – Combined Return Filers ONLY Section A – ALL Combined Return Filers 12. Enter the group tax liability from Schedule A, Section II, Part III, line 4a, column (c) of CBT-100U.... 12. 13. If member is a tenant, enter the total lease payments made during the privilege period or tax year for occupancy in the qualified wind energy facility. Otherwise, continue to line 14............................. 13. 14. Other tax credits used by combined group on current year’s return (see instructions): (a) (b) (c) (d) .......................................Total 14. 15. Subtract line 14 from line 12. If zero or less, enter zero...................................................................... 15. 16. Allowable credit for the current tax period. Tenants must enter the lesser of lines 5, 13, or 15 and other taxpayers must enter the lesser of lines 5 or 15. If sharing, also enter in the member’s column of Schedule A-3, Part I of the CBT-100U................................................................................ 16. If SHARING credit, complete line 17. If NOT sharing credit, skip line 17 and complete Section B. 17. Amount of credit carryover to following year’s return (subtract line 16 from line 5)............................. 17. Section B – Combined Return Filers NOT Sharing Credit 18. a) Enter combined group tax liability from line 12............................. 18a. b) Divide line 18a by the combined group allocation factor from Schedule J, line 9......................................................................... 18b. c) Member’s share of combined group tax liability – Multiply line 18b by member’s allocation factor from Schedule J, line 9................................................................................................................... 18c. 19. If member is a tenant, enter the total lease payments made during the privilege period or tax year for occupancy in the qualified wind energy facility. Otherwise, continue to line 20............................. 19. 20. Other tax credits used by taxpayer on current year’s return (see instructions): (a) (b) (c) (d) ........................................Total 20. 21. Subtract line 20 from line 18c. If zero or less, enter zero.................................................................... 21. 22. Allowable credit for the current tax period. Tenants must enter the lesser of lines 16, 19, or 21 and other taxpayers must enter the lesser of lines 16 or 21 here and in the member’s column of Schedule A-3, Part I of the CBT-100U........................................................................................................... 22. 23. Amount of credit carryover to following year’s return (subtract line 22 from line 5)............................. 23. Instructions for Form 322 Wind Energy Facility Tax Credit Purpose of this Form This form must be completed by any taxpayer that claims a tax credit as provided for in the Wind Energy Facility Tax Credit Act, N.J.S.A. 34:1B-209.4. If the taxpayer claims this credit on Form CBT-100, CBT-100U, or CBT-100S, a completed Form 322 must be included with the return to validate the claim. The credit is awarded to businesses for qualified wind energy facilities located in New Jersey. The business must have at least $50,000,000 in capital investments in a qualifying facility. A tenant of the business can qualify if there are at least $17,500,000 in capital investments made in the area being leased in the qualifying facilities. Additionally, a minimum number of new full-time employees who are subject to the New Jersey Gross Income Tax or are from a state that has reciprocity with New Jersey must have been hired that do not qualify for certain other tax credits as enumerated in N.J.S.A. 34:1B-209.4(3). The tax credit is taken over the course of 5 years at the rate of one-fifth of the value of the total credit or 10 years at a rate of one-tenth of the value of the total credit for each accounting or privilege period starting with the period the business was approved by the EDA. The tax credit allowed for a tax period for a tenant cannot exceed the value of the lease payments for occupancy of the qualified wind energy facility. The credit amount for any tax period during which the documentation of a business’s credit amount remains unapproved will be forfeited, although credit amounts for the remainder of the years of the credit period remain available. The business cannot take a tax credit for the same capital and employees if the business receives assistance pursuant to the Business Retention and Relocation Assistance Act. If the business is allowed the credit, it will not be eligible for incentives authorized pursuant to the Municipal Rehabilitation and Economic Recovery Act. Combined Return Filers If filing a combined return, this form must be completed by the member that earned the credit. All combined return filers must check the combined return filers box at the top of the form and complete Part IV, Section A. Members Opting Not to Share. In general, tax credits are earned by a member of the combined group and are shareable with the combined group. However, members are not required to share their credits. See N.J.S.A. 54:10A-4.6.i and TB-90(R), Tax Credits and Combined Returns. In addition to Section A, members that choose not to share must also complete Part IV, Section B and fill in the oval at the top of the form to indicate they are not sharing the credit. 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 – Qualifications To be eligible for the tax credit, the answer to questions 1 and 2 must be “YES.” If the answer to question 1 or 2 is “NO,” the taxpayer is not entitled to the Wind Energy Facility Tax Credit. A copy of the tax credit certificate and a copy of the completed Form 322 must be submitted by mail to the New Jersey Division of Taxation, CBT Refunds/Tax Credits, PO Box 259, Trenton, NJ 08695-0259. Failure to submit this documentation by mail will result in the delay and/or denial of the tax credit claimed. Part II – Calculation of Available Credit Line 3 – The amount of the tax credit is equal to the amount reported on the tax credit certificate that was issued by the New Jersey Division of Taxation. Part III – Calculation of the Allowable Credit Amount and Carryforward (for CBT-100 and CBT-100S Filers only) For CBT-100 and CBT-100S filers, the allowable Wind Energy Facility Tax Credit for the current tax period is calculated in Part III. Combined return filers do not complete Part III, and must complete Part IV instead. For tenants, the amount of credit allowed for a privilege period or tax year to a taxpayer that is a tenant cannot exceed the total lease payments for occupancy in a qualified wind energy facility for that privilege period or tax year. Line 8 – Taxpayers claiming multiple credits must list any credits already applied to the tax liability to ensure accuracy of the calculation for maximum credit allowable. Part IV – Calculation of the Allowable Credit Amount and Carryforward for Combined Return Filers For CBT-100U filers, the total and allowable Wind Energy Facility Tax Credit for the current year is calculated in Part IV. All combined return filers must complete Section A. Members that choose not to share their credit must also complete Section B. Section A – To be completed by ALL combined return filers This section calculates the amount of credit allowable for the group. If a member chooses not to share their credit with the group, Section A must still be completed to ensure the credit allowed for the member does not exceed the amount that would otherwise be allowed against the group tax liability. For tenants, the amount of credit allowed for a privilege period or tax year to a taxpayer that is a tenant cannot exceed the total lease payments for occupancy in a qualified wind energy facility for that privilege period or tax year. Line 14 – Combined groups claiming multiple credits must list any credits already applied to the group tax liability to ensure accuracy of the calculation for maximum credit allowable. Section B This section is used to calculate the amount of credit allowable for members that choose not to share their credit with the group. Section B is completed based on the member’s share of the group tax liability. The amount of the credit is also limited to the amount that would otherwise be allowed against the group tax liability if the member had been sharing the credit. Line 20 – Members claiming multiple credits must list any credits already applied to the member’s tax liability to ensure accuracy of the calculation for maximum credit allowable.
Form 322 Wind Energy Facility Tax Credit
More about the New Jersey Form 322 Corporate Income Tax Tax Credit TY 2023
We last updated the Wind Energy Facility Tax Credit in January 2024, so this is the latest version of Form 322, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 322 directly from TaxFormFinder. You can print other New Jersey tax forms here.
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TaxFormFinder has an additional 95 New Jersey income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form CBT-200-T | Corporation Business Tax Tentative Return and Application |
| Form NJ-1041 | Fiduciary Return Form |
| Form CBT-160-A | Underpayment of Estimated NJ Corporation Business Tax For Taxpayers with Gross Receipts less than $50,000,000 |
| Form DCC-1 | Document Control Center Request Form |
| Form CBT-150 | Estimated Tax Vouchers for Corporations |
View all 96 New Jersey Income Tax Forms
Form Sources:
New Jersey usually releases forms for the current tax year between January and April. We last updated New Jersey Form 322 from the Division of Revenue in January 2024.
Form 322 is a New Jersey Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of New Jersey Form 322
We have a total of nine past-year versions of Form 322 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form 322
Form 322 Wind Energy Facility Tax Credit
2022 Form 322
Form 322 Wind Energy Facility Tax Credit
2021 Form 322
Form 322 Wind Energy Facility Tax Credit
2020 Form 322
Form 322 Wind Energy Facility Tax Credit
2018 Form 322
CBT Form 322 - Wind Energy Facility Tax Credit 2018
2017 Form 322
CBT Form 322 - Wind Energy Facility Tax Credit
2016 Form 322
CBT Form 322 - Wind Energy Facility Tax Credit
2015 Form 322
CBT Form 322 - Wind Energy Facility Tax Credit
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