FORM 320                           New Jersey Corporation Business Tax
 2022                              Grow New Jersey Assistance 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.  Does the taxpayer have written approval from the New Jersey Economic Development Authority to 
  receive a Grow New Jersey Assistance tax credit? .....................................................................................                   YES  NO

  2.  Has the taxpayer received a tax credit certificate issued by the New Jersey Division of Taxation? ............                                       YES  NO
   Check the box to indicate a copy of the certificate has been submitted to the Division of Taxation .....
Note:    If the answer to question 1 or 2 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
  3.  Enter the approved credit amount as reported on the tax credit certificate for the current privilege 
  period or tax year ............................................................................................................................... 3.

  4.  Grow New Jersey Assistance Tax Credit carried forward from prior year ..........................................                               4.

  5.  Total credit available (add lines 3 and 4) ...........................................................................................         5.
Part III Calculation of the Allowable Credit Amount and Carryforward
         (Combined return filers DO NOT complete Part III. Continue with Part IV.)

  6.  Enter tax liability from page 1, line 2 of CBT-100, CBT-100S, or BFC-1, ..........................................                             6.
  7.  Other tax credits used by taxpayer on current year’s return (see instructions):
  (a)                              
  (b)                              
  (c)                              
  (d)                                                              ......................................Total                                       7.

  8.  Subtract line 7 from line 6. If zero or less, enter zero ........................................................................              8.
  9.  Allowable credit for the current tax period. Enter lesser of line 5 or line 8 here and on Part I, 
  Schedule A-3 or CBT-100, CBT-100S, or BFC-1 ...............................................................................                        9.

 10.  Amount of credit carryforward to following year’s return (subtract line 9 from line 5) .........................                               10.

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
 11.  Enter the group tax liability from Schedule A, Part III, line 5, column (a) of CBT-100U ......................                              11.
 12.  Other tax credits used by combined group on current year’s return (see instructions):
 (a)                      
 (b)                      
 (c)                     
 (d)                                                                     ......................................Total                              12.
 13.  Subtract line 12 from line 11. If zero or less, enter zero .....................................................................            13.
 14.  Allowable credit for the current tax period. Enter the lesser of line 5 or line 13. If sharing, also 
 enter in the member’s column of Part I, Schedule A-3 of the CBT-100U ...........................................                                 14.
If SHARING credit, complete line 15.
If NOT sharing credit, skip line 15 and complete Section B.
 15.  Amount of credit carryover to following year’s return (subtract line 14 from line 5) ............................                           15.
Section B – Combined Return Filers NOT Sharing Credit
 16.  a)  Enter combined group tax liability from line 11 ............................ 16a.
   b)  Divide line 16a by the combined group allocation factor from 
       Schedule J, line 9 ........................................................................ 16b.
   c)  Member’s share of combined group tax liability – Multiply line 16b by member’s allocation factor 
       from Schedule J, line 9 .................................................................................................................. 16c.
 17.  Other tax credits used by taxpayer on current year’s return (see instructions):
 (a)                     
 (b)                     
 (c)                     
 (d)                                                                     .......................................Total                             17.
 18.  Subtract line 17 from line 16c. If zero or less, enter zero ...................................................................             18.
 19.  Allowable credit for the current tax period. Enter the lesser of line 14 or line 18 here and in the 
 member’s column of Part I, Schedule A-3 of the CBT-100U ..............................................................                           19.
 20.  Amount of credit carryover to following year’s return (subtract line 19 from line 5) ............................                           20.

                                                    Instructions for Form 320 
                                          Grow New Jersey Assistance Tax Credit
Purpose of this Form
This form must be completed by any taxpayer that claims a tax credit as provided for in the Grow New Jersey Assistance Tax Credit Act, 
N.J.S.A. 34:1B-242 et seq. If the taxpayer claims this credit on CBT-100, CBT-100U, CBT100S, or BFC-1, a completed Form 320 must be 
included with the return to validate the claim.

The Grow New Jersey Assistance Tax Credit is available to businesses creating or retaining jobs in New Jersey and making a qualified 
capital investment at a qualified business facility in a qualified incentive area as defined in the Grow New Jersey Assistance Act. This 
includes affiliates of the business located in the qualified business facility and tenants that are businesses in the qualified business facility. 
The capital investment requirements, employment requirements, and amount of the credit vary by qualified investment area and industry 
type.

Partnerships are not allowed the credit directly, but the amount of credit of each partner shall be determined by allocating to each partner 
that proportion of the credit of the business that is equal to the partner’s share, whether or not distributed, of the total distributive income or 
gain of the partnership for its tax period ending within or with the partner’s tax period, or that proportion that is allocated by a partnership 
agreement.

The tax credit can be applied to 100% of the tax liability. The unused amount of the annual credit can be used during a 20-year carryfor-
ward. The business may also apply for a tax credit transfer certificate with the Division of Taxation to transfer unused tax credits from the 
Grow New Jersey Assistance Program from any year to sell the unused tax credits to another business. The tax credits must be sold for 
no less than 75% of the value of the tax credits, and the purchaser is subject to the same limitations and conditions as the seller of the tax 
credits.

Unused tax credits may be carried forward for 20 years following a credit’s privilege period or tax year. However, a taxpayer may not carry 
over any amount of unused credit to a privilege period or 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 carryforward. Taxpayers filing Forms CBT-100, CBT-100S, or BFC-1 com-
plete 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 (purchased) 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 questions 1 and 2 must be “YES.” If the answer to question 1 or 2 is “NO,” the taxpayer is 
not entitled to the Grow New Jersey Assistance Tax Credit.

A copy of the tax credit certificate and a copy of the completed Form 320 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 Available Credit
Line 3 – 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 Grow New Jersey Assistance Tax Credit for the current tax period is calculated in 
Part III. Combined return filers do not complete Part III, and must complete Part IV instead.

Line 7 – 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 Grow New Jersey Assistance Tax Credit for the current year is calculated in Part IV. All com-
bined 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 12 – 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 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 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.