New Jersey Neighborhood Revitalization State Tax Credit

Neighborhood Revitalization State Tax Credit
Form 311 Neighborhood Revitalization State Tax Credit
FORM 311

New Jersey Corporation Business Tax
Neighborhood Revitalization State 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.	 Has the taxpayer received tax credit certificate issued by the Department of Community Affairs?............
		

	

YES	

NO

	

YES	

NO

Check the box to indicate a copy of the certificate has been submitted to the Division of Taxation	

	 2.	 Did the taxpayer provide the assistance within the same year in which the certificate was issued?.........	

Note:	 If the answer to either question 1 or 2 is “NO,” do not complete the rest of this form. The taxpayer does not qualify for this tax
credit. Otherwise, go to Part II.

Part II	

Calculation of the Available Credit

	 3.	 Enter the amount of the credit approved by the Department of Community Affairs............................

3.

	 4.	 Enter the lesser of line 3 or $1,000,000..............................................................................................

4.

Part III	
		

Calculation of the Allowable Credit Amount
(Combined return filers DO NOT complete Part III. Continue with Part IV.)

	 5.	 Enter tax liability from page 1, line 2a of CBT-100 or CBT-100S........................................................

5.

	 6.	 Other tax credits used by taxpayer on current year’s return:
	

(a)

	

(b)

	

	

(c)

	

	

(d)

	

	

.......................................Total

6.

	 7.	 Subtract line 6 from line 5. If zero or less, enter zero .........................................................................

7.

	 8.	 Allowable credit amount. Enter the lesser of line 4 or line 7 here and on Schedule A-3, Part I of the
CBT-100 or CBT-100S........................................................................................................................

8.

Note: There is no carryover provision for this tax credit.

Part IV	

Calculation of Allowable Credit Amount – Combined Return Filers ONLY

Section A – ALL Combined Return Filers
	 9.	 Enter the group tax liability from Schedule A, Section II, Part III, line 4a, column (c) of CBT-100U....

9.

	10.	 Other tax credits used by combined group on current year’s return (see instructions):
	

(a)

	

	

(b)

	

	

(c)

	

	

(d)

	

.......................................Total

10.

	11.	 Subtract line 10 from line 9. If zero or less, enter zero........................................................................

11.

	12.	 Allowable credit for the current tax period. Enter lesser of line 4 or line 11. If sharing, also enter in
the member’s column of Schedule A-3, Part I of the CBT-100U.........................................................

12.

If NOT sharing credit, complete Section B.
Note: There is no carryover provision for this tax credit.

Name as Shown on Return

Federal ID Number

Unitary ID Number, if applicable

NU

Section B – Combined Return Filers NOT Sharing Credit
	14.	 a)	 Enter combined group tax liability from line 9..............................
	

	 b)	 Divide line 14a by the combined group allocation factor from
Schedule J, line 9........................................................................

14a.
14b.

		 c)	 Member’s share of combined group tax liability – Multiply line 14b by member’s allocation factor
from Schedule J, line 9................................................................
14c.
	15.	 Other tax credits used by taxpayer on current year’s return (see instructions):
	

	

(a)

	

(b)

	

	

(c)

	

	

(d)

	

.......................................Total

15.

	16.	 Subtract line 15 from line 14c. If zero or less, enter zero.....................................................................

16.

	17.	 Allowable credit for the current tax period. Enter the lesser of line 12 or line 16 here and in the
member’s column of Schedule A-3, Part I of the CBT-100U................................................................

17.

Note: There is no carryover provision for this tax credit.

Instructions for Form 311
Neighborhood Revitalization State Tax Credit
Purpose of this form

This form must be completed by any taxpayer that claims a tax credit as provided for in the Neighborhood Revitalization State Tax Act,
N.J.S.A. 52:27D-490 et seq. and N.J.A.C. 5:47 et seq. To qualify for this tax credit, the taxpayer must have received a tax credit certificate
from the Department of Community Affairs for providing funds to implement a qualified neighborhood preservation and revitalization project. Credits may be provided up to 100% of the approved assistance provided to a nonprofit orga­nization to implement a qualified neighborhood preservation and revitalization project. The maximum credit allowed in any taxable year is $1,000,000. If the taxpayer claims this
credit on Form CBT-100, CBT-100U, or CBT-100S, a completed Form 311 must be included with the return to validate the claim.
There are no carryover provisions for this tax credit. Any unused tax credits are forfeited.
Parts III and IV are used to calculate the allowable credit and carryover. Taxpayers filing Forms CBT-100 or CBT-100S complete Part III
and CBT-100U filers complete Part IV.

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 both questions 1 and 2 must be “YES.” If the answer to either question is “NO,” the taxpayer
is not entitled to the Neighborhood Revitalization State Tax Credit.
A copy of the tax credit certificate and a copy of the completed Form 311 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 the Available Credit

Follow the instructions on lines 3 through 4 to calculate the total Neighborhood Revitalization State Tax Credit.

Part III – Calculation of the Allowable Credit Amount (for CBT-100 and CBT-100S Filers only)

For CBT-100 and CBT-100S filers, the allowable Neighborhood Revitalization State Tax Credit for the current year is calculated in Part III.
Combined return filers do not complete Part III, and must complete Part IV instead.
Line 6 – 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 for Combined Return Filers

For CBT-100U filers, the allowable Neighborhood Revitalization State 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.
The amount of the credit calculated in this section cannot exceed the group tax liability otherwise due.
Line 11 – 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 calculated in this section cannot exceed the
member’s tax liability otherwise due. 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 17 – 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.

For Additional Information Contact:

New Jersey Department of Community Affairs
Division of Housing and Community Resources
PO Box 811
101 South Broad Street
Trenton, NJ 08625
(609) 633-6286