FORM 321
                                New Jersey Corporation Business Tax
 (10-21)
                                                       Angel Investor Tax Credit
 2021
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 an approval letter issued by the New Jersey Economic Development Authority?                                              YES  NO

  2.  Has the taxpayer received a paper tax credit certificate issued by the New Jersey Division of Taxation?                                         YES  NO
   Check the box to indicate the original certificate has been submitted to the Division of Taxation ........
  3.  Does the taxpayer have a tax incentive profile on the New Jersey eCerts portal with an Angel Investor 
  Tax Credit amount available for use? .........................................................................................................      YES  NO
Note:    If the answer to question 1 or both questions 2 and 3 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
  4.  Enter the approved credit amount as reported on the tax credit certificate  for the current tax year 
  or the amount that is available in the taxpayer’s incentive profile on the eCerts portal .....................                                4.

  5.  Angel Investor Tax Credit carried forward from prior year .................................................................               5.

  6.  Total credit available (add lines 4 and 5) ...........................................................................................    6.
Part III Calculation of the Allowable Credit Amount and Carryforward
         (Combined return filers DO NOT complete Part III. Continue with Part IV.)

  7.  Enter tax liability from page 1, line 2 of CBT-100, CBT-100S, or BFC-1 ...........................................                        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 7. If zero or less, enter zero .........................................................................        9.
  10.  Allowable credit for current tax period. Enter lesser of line 6 or line 9 here and on Part I, 
  Schedule A-3 of the CBT-100, CBT-100S, or BFC-1 ..........................................................................                    10.

 11.  Amount of credit available to be refunded/carried forward (subtract line 10 from line 6) ...................                              11.
  12.  Enter the amount of line 11 to be refunded here and on Part II, Schedule A-3 of the CBT-100, 
  CBT-100S, or BFC-1........................................................................................................................... 12.

  13.  Amount of credit carryforward to following year’s return (subtract line 12 from line 11) ....................                            13.

Name as Shown on Return                 Federal ID Number                                              Unitary ID Number, if applicable
                                                                                                       NU
Part IV Calculation of Allowable Credit Amount and Carryforward – Combined Return Filers ONLY
Section A – ALL Combined Return Filers
 14.  Enter the group tax liability from Schedule A, Part III, line 5, column (a) of CBT-100U ......................                              14.
 15.  Other tax credits used by combined group on current year’s return (see instructions):
 (a)                      
 (b)                      
 (c)                     
 (d)                                                                     ......................................Total                              15.
 16.  Subtract line 15 from line 14. If zero or less, enter zero .....................................................................            16.
 17.  Allowable credit for the current tax period. Enter the lesser of line 6 or line 16. If sharing, also 
 enter in the member’s column of Part I, Schedule A-3 of the CBT-100U ...........................................                                 17.
If SHARING credit, complete lines 18-20.
If NOT sharing credit, skip lines 18-20 and complete Section B.
 18.  Amount of credit available to be refunded/carried forward (subtract line 17 from line 6) ...................                                18.
 19.  Enter the amount of line 18 to be refunded here and in the member’s column of Part II, Schedule 
 A-3 of the CBT-100U ..........................................................................................................................   19.
 20.  Amount of credit carryforward to following year’s return (subtract line 19 from line 18) .....................                              20.
Section B – Combined Return Filers NOT Sharing Credit
 21.  a)  Enter combined group tax liability from line 14 ............................ 21a.
   b)  Divide line 21a by the combined group allocation factor from 
       Schedule J, line 9 ........................................................................ 21b.
   c)  Member’s share of combined group tax liability – Multiply line 21b by member’s allocation factor 
       from Schedule J, line 9 .................................................................................................................. 21c.
 22.  Other tax credits used by taxpayer on current year’s return (see instructions):
 (a)                     
 (b)                     
 (c)                     
 (d)                                                                     .......................................Total                             22.
 23.  Subtract line 22 from line 21c. If zero or less, enter zero ...................................................................             23.
 24.  Allowable credit for the current tax period. Enter the lesser of line 17 or line 23 here and in the 
 member’s column of Part I, Schedule A-3 of the CBT-100U ..............................................................                           24.
 25.  Amount of credit available to be refunded/carried forward (subtract line 24 from line 6) ...................                                25.
 26.  Enter the amount of line 25 to be refunded here and in the member’s column of Part II, 
 Schedule A-3 of the CBT-100U ..........................................................................................................          26.
 27.  Amount of credit carryforward to following year’s return (subtract line 26 from line 25) .....................                              27.

                                              Instructions for Form 321 
                                              Angel Investor Tax Credit
Purpose of this Form
This form must be completed by any taxpayer that claims a tax credit as provided for in the Angel Investor Tax Credit Act, N.J.S.A. 54:10A-
5.28. If the taxpayer claims this credit on Form CBT-100, CBT-100U, CBT-100S, or BFC-1, a completed Form 321 must be included with 
the return to validate the claim.

A taxypayer is allowed a credit against the tax imposed pursuant to Section 5 of P.L. 1945, C.162 (C.54:10A-5) for a qualified investment 
made by the taxpayer in a New Jersey-based emerging technology business or to a New Jersey technology business holding company, 
subject to certain statutory restrictions and limitations.

A Research and Development Tax Credit is not allowed for expenses paid from funds for which an Angel Investor Tax Credit is allowed, or 
that are includable in the calculation of the allowed amount of this tax credit. 

Any unused Angel Investor Tax Credit can be refunded or carried forward for 15 years. However, a taxpayer cannot carry over any amount 
of unused credit to a tax year during which a corporate acquisition, with respect to which a taxpayer was a target corporation, occurred or 
during which the taxpayer was a party to a merger or a consolidation. 

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, 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 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 question 1 and either question 2 or 3 must be “YES.” If the answer to question 1 or both 2 
and 3 is “NO,” the taxpayer is not entitled to the Angel Investor Tax Credit.

If the taxpayer received a paper tax credit certificate, the original certificate and a copy of the completed Form 321 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 docu-
mentation by mail will result in the delay and/or denial of the tax credit claimed.

Part II – Calculation of Available Credit
Line 4 – The amount of the tax credit is equal to the amount reported on the tax credit certificate that was issued by the New Jersey Divi-
sion of Taxation.

Part III – Calculation of the Allowable Credit Amount and Carryforward (for CBT-100, CBT-100S, and 
BFC-1 Filers only)
For CBT-100, CBT-100S, and BFC-1 filers, the allowable Angel Investor 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 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 Angel Investor 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.

Line 15 – Combined groups claiming multiple credits must list any credits already applied to the tax liability to ensure accuracy of the cal-
culation 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 other-
wise be allowed against the group tax liability if the member had been sharing the credit.
Line 22 – 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.