New Jersey Neighborhood Revitalization State Tax Credit

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Neighborhood Revitalization State Tax Credit
Form 311 Neighborhood Revitalization State Tax CreditFORM 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

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

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............................

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

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........................................................

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

(a)

(b)

(c)

(d)

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

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

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........................................................................................................................

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....

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

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

Extracted from PDF file 2023-new-jersey-form-311.pdf, last modified October 2023

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More about the New Jersey Form 311 Corporate Income Tax Tax Credit TY 2023

We last updated the Neighborhood Revitalization State Tax Credit in January 2024, so this is the latest version of Form 311, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 311 directly from TaxFormFinder. You can print other New Jersey tax forms here.

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Other New Jersey Corporate Income Tax Forms:

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 Extension
Form NJ-1041	Fiduciary Return Form Tax Return
Form CBT-160-A	Underpayment of Estimated NJ Corporation Business Tax For Taxpayers with Gross Receipts less than $50,000,000 Estimated
Form DCC-1	Document Control Center Request Form
Form NJ-BUS-2	Alternative Business Calculation Adjustment

Download all NJ tax forms 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 311 from the Division of Revenue in January 2024.

Show Sources >

Form 311 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 311

We have a total of thirteen past-year versions of Form 311 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:

2023 Form 311

Form 311 Neighborhood Revitalization State Tax Credit

2022 Form 311

Form 311 Neighborhood Revitalization State Tax Credit

2021 Form 311

Form 311 Neighborhood Revitalization State Tax Credit

2020 Form 311

Form 311 Neighborhood Revitalization State Tax Credit

2019 Form 311

2018 Form 311