FORM 312                                       New Jersey Corporation Business Tax
  2022                                              Effluent Equipment Tax Credit
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.  Did the taxpayer purchase the effluent treatment equipment or conveyance equipment in a tax period 
   beginning on or after July 1, 2002? ...........................................................................................................           YES         NO
  2.  Has the taxpayer applied for or received a determination of environmentally beneficial operation from 
   the Commissioner of the Department of Environmental Protection with respect to the equipment for 
   which the credit is sought? ........................................................................................................................      YES         NO

  3.  Is the equipment used exclusively in New Jersey? ...................................................................................                   YES         NO
Note:     If the answer to any of the above questions 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      Effluent Treatment and Conveyance Equipment
         (A)            (B)      (C)                (D)           (E)                  (F)      (G)                                                        (H)          (I)
   DESCRIPTION MONTH &           COST               LOAN AMOUNT   COLUMN (C)           50% OF   # OF MONTHS                                               COLUMN (F) X  CREDIT USED/
               YEAR PLACED                          FROM DEPT OF  MINUS              COLUMN (E) USED IN N.J.                                              COLUMN (G)    SHARED IN 
               IN SERVICE                           ENVIRONMENTAL COLUMN (D)                                                                              DIVIDED BY 12 PRIOR YEARS
                                                    PROTECTION 
                                                    PLUS SALES & 
                                                    USE TAX PAID
a)
b)
c)
d)
e)
                                                                                                Total
Part III     Calculation of Available Credit
  4.  Enter the total of column (H), Part II ..................................................................................................        4.
  5.  Enter the total of column (I), Part II ....................................................................................................      5.
  6.  Subtract line 5 from line 4 ..................................................................................................................   6.
  7.  Enter 20% of line 4 ............................................................................................................................ 7.
  8.  Total credit available. Enter the lesser of line 6 or line 7....................................................................                 8.
Part IV      Calculation of Allowable Credit Amount
             (Combined return filers DO NOT complete Part IV. Continue with Part V.) 
  9.  Enter tax liability from page 1, line 2 of CBT-100, CBT-100S, or BFC-1 ...........................................                               9.
 10.  Enter the required minimum tax liability (see instructions) .....................................................................                10.
 11.  Subtract line 10 from line 9 ................................................................................................................    11.
 12.  Enter 50% of the tax liability reported on line 9 .................................................................................              12.
 13.  Enter the lesser of line 11 or line 12 ..................................................................................................        13.
 14.  Other tax credits used by taxpayer on current year’s return (see instructions):
     (a)                         
     (b)                         
     (c)                         
     (d)                                                           ........................................Total                                       14.
 15.  Subtract line 14 from line 13. If zero or less, enter zero ...................................................................                   15.
 16.  Allowable credit for the current tax period. Enter the lesser of line 8 or line 15 here and on Part I, 
     Schedule A-3 of the CBT-100, CBT-100S, or BFC-1 ........................................................................                          16.

Name as Shown on Return                   Federal ID Number                                         Unitary ID Number, if applicable
                                                                                                    NU
Part V  Calculation of Allowable Credit Amount – Combined Return Filers ONLY
 17.  Enter the group tax liability from Schedule A, Part III, line 5, column (a) of CBT-100U ......................                                17.
 18.  Enter the aggregate minimum tax of combined group members (see instructions) ................................                                 18.
 19.  Subtract line 18 from line 17 ............................................................................................................... 19.
 20.  Enter 50% of the tax liability reported on line 17 ................................................................................           20.
 21.  Enter the lesser of line 19 or line 20 ...................................................................................................    21.
 22.  Other tax credits used by combined group on current year’s return (see instructions):
   (a)                               
   (b)                               
   (c)                               
   (d)                                                                                           ......................................Total        22.
 23.  Subtract line 22 from line 21. If zero or less, enter zero .....................................................................              23.
 24.  Allowable credit for the current tax period. Enter the lesser of line 8 or line 23. If sharing, also 
   enter in the member’s column of Part I, Schedule A-3 of the CBT-100U ...........................................                                 24.
If NOT sharing credit, complete Section B.
Section B – Combined Return Filers NOT Sharing Credit
 25.  a)  Enter combined group tax liability from line 17 .........................             25a.
     b)  Divide line 25a by the combined group allocation factor from 
       Schedule J, line 9 ..................................................................... 25b.
     c)  Member’s share of combined group tax liability – Multiply line 25b by member’s allocation factor 
       from Schedule J, line 9 ..................................................................................................................   25c.
 26.  Required minimum tax liability ............................................................................................................   26. 2,000
 27.  Subtract line 26 from line 25c .............................................................................................................  27.
 28.  Enter 50% of the tax liability reported on line 25c ..............................................................................            28.
 29.  Enter the lesser of line 27 or line 28 ...................................................................................................    29.
 30.  Other tax credits used by taxpayer on current year’s return (see instructions):
   (a)                               
   (b)                               
   (c)                               
   (d)                                                                                           ....................................... Total      30.
 31.  Subtract line 30 from line 29. If zero or less, enter zero .....................................................................              31.
 32.  Allowable credit for the current tax period. Enter the lesser of line 24 or line 31 here and in the 
   member’s column of Part I, Schedule A-3 of the CBT-100U ..............................................................                           32.

                                                 Instructions for Form 312 
                                            Effluent Equipment Tax Credit
This form must be completed by any taxpayer claiming an Effluent Equipment Tax Credit on CBT-100, CBT-100U, CBT-100S, or BFC-1 in 
accordance with N.J.S.A. 54:10A-5.31, P.L. 2001, c.32, Section 1. A completed Form 312 must be included with the return to validate the 
claim.

Unused tax credits may be claimed in subsequent tax years subject to the limitations set forth on this form.

Parts IV and V are used to calculate the allowable credit and carryover. Taxpayers filing Forms CBT-100, CBT-100S, or BFC-1 complete 
Part IV and CBT-100U filers complete Part V.

Combined Return Filers 
If filing a combined return, the 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 V, 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 V, 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 all questions in Part I must be “YES.” If the answer to any of the questions is “NO,” the 
taxpayer is not entitled to the Effluent Equipment Tax Credit.

Taxpayers that have received the determination of environmentally beneficial operation from the Commissioner of the Department of 
Environmental Protection must include a copy of each determination along with Form 312 with the tax return. Also, taxpayers must include 
an affidavit stating that the treatment equipment or conveyance equipment is or will be used exclusively in New Jersey.

Note: No amount of cost included in the calculation of this tax credit shall be included in the costs for calculation of any other credit 
      against the tax imposed pursuant to section 5 of P.L. 1945, c.162 (N.J.S.A. 54:10A-5).

Part II – Effluent Treatment and Conveyance Equipment
Complete the information requested in each of the columns (A) through (I) for each piece of equipment. If additional space is needed, 
include a rider in like format containing the information required in columns (A) through (I).

The cost amount to be reported in column (C) is the invoice cost of the equipment.

Column (D) must reflect the total of the amount of any loan from the Department of Environmental Protection made pursuant to section 
5 of P.L. 1981, c. 278 as amended (N.J.S.A. 13:1E-96) plus the amount of any Sales and Use Tax paid pursuant to P.L. 1966, c.30 as 
amended (N.J.S.A. 54:32B-1 et seq.).

Enter in column (G) the number of months that the equipment was used in New Jersey during the period covered by the return.

The prorated credit amount, reported in column (H), is computed by multiplying column (F) by column (G) and dividing the result by 12.

Enter the totals of the amounts reported in columns (H) and (I) in the space provided. Combined return filers, include in column (I) any 
amounts shared with other members in prior years.

Part III – Calculation of Available Credit
Follow the instructions on lines 4 through 8 to calculate the total Effluent Equipment Tax Credit.

Part IV – Calculation of Allowable Credit Amount (for CBT-100, CBT-100S, and BFC-1 Filers only)
For CBT-100, CBT-100S, and BFC-1 filers, the allowable Effluent Equipment Tax Credit for the current year is calculated in Part IV. 
Combined return filers do not complete Part IV, and must complete Part V instead. The amount of this credit in addition to the amount of 
any other tax credits taken is limited to 50% of the taxpayer’s total tax liability and cannot exceed an amount that would reduce the total tax 
liability below the statutory minimum. 

Line 10 – The minimum tax is assessed based on the New Jersey Gross Receipts as follows:

                             New Jersey Gross Receipts                 CBT-100/BFC-1      CBT-100S
                             Less than $100,000                        $500               $375
                             $100,000 or more but less than $250,000   $750               $562
                             $250,000 or more but less than $500,000   $1,000             $750
                             $500,000 or more but less than $1,000,000 $1,500             $1,125
                             $1,000,000 or more                        $2,000             $1,500

If a taxpayer is filing a separate return and is a member of an affiliated or controlled group that has a total payroll of $5,000,000 or more for 
the return period, the minimum tax is $2,000. Tax periods of less than 12 months are subject to the higher minimum tax if the prorated total 
payroll exceeds $416,667 per month.

Line 14 – 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 V – Calculation of Allowable Credit Amount for Combined Return Filers
For CBT-100U filers, the total and allowable Effluent Equipment Tax Credit for the current year is calculated in Part V. 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 50% of the group tax liability otherwise due and cannot reduce the tax 
liability to an amount less than the aggregate statutory minimum tax of the group members.

Line 18 – Multiply the number of taxable group members by $2,000 and enter the result.

Line 22 – 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 50% 
of the member’s tax liability otherwise due and cannot reduce the tax liability to an amount less than $2,000. 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 30 – 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.