FORM 311                                  New Jersey Corporation Business Tax
   2022                                   Neighborhood Revitalization State 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.  Has the taxpayer received tax credit certificate issued by the Department of Community Affairs? ...........                                  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? ........                                   YES  NO
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 2 of CBT-100, CBT-100S, or BFC-1 ...........................................                     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 Part I, Schedule A-3 of the 
    CBT-100, CBT-100S, or BFC-1 ..........................................................................................................   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, Part III, line 5, column (a) 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 Part I, Schedule A-3 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 .............................           14a.
   b)  Divide line 14a by the combined group allocation factor from 
      Schedule J, line 9 ....................................................................... 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 Part I, Schedule A-3 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 proj-
ect. Credits may be provided up to 100% of the approved assistance provided to a nonprofit orga nization to implement a qualified neigh-
borhood 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, CBT-100S, or BFC-1, 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, CBT-100S, or BFC-1 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 com-
bined 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 Com-
bined 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, CBT-100S, and BFC-1 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