PDF document

- 1 -

FORM 320
New Jersey Corporation Business Tax
(10-21)
Grow New Jersey Assistance 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 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 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 a Grow New Jersey
Assistance 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 privilege
period or tax year or the amount that is available in the taxpayer’s incentive profile on the eCerts
portal .................................................................................................................................................. 4.

5. Grow New Jersey Assistance 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 the current tax period. Enter lesser of line 6 or line 9 here and on Part I,
Schedule A-3 or CBT-100, CBT-100S, or BFC-1 ............................................................................... 10.

11. Amount of credit carryforward to following year’s return (subtract line 10 from line 6) ....................... 11a.

- 2 -

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
 12.  Enter the group tax liability from Schedule A, Part III, line 5, column (a) of CBT-100U ......................                              12.
 13.  Other tax credits used by combined group on current year’s return (see instructions):
 (a)                      
 (b)                      
 (c)                     
 (d)                                                                     ......................................Total                              13.
 14.  Subtract line 13 from line 12. If zero or less, enter zero .....................................................................            14.
 15.  Allowable credit for the current tax period. Enter the lesser of line 6 or line 14. If sharing, also 
 enter in the member’s column of Part I, Schedule A-3 of the CBT-100U ...........................................                                 15.
If SHARING credit, complete line 16.
If NOT sharing credit, skip line 16 and complete Section B.
 16.  Amount of credit carryover to following year’s return (subtract line 15 from line 6) ............................                           16.
Section B – Combined Return Filers NOT Sharing Credit
 17.  a)  Enter combined group tax liability from line 12 ............................ 17a.
   b)  Divide line 17a by the combined group allocation factor from 
       Schedule J, line 9 ........................................................................ 17b.
   c)  Member’s share of combined group tax liability – Multiply line 17b by member’s allocation factor 
       from Schedule J, line 9 .................................................................................................................. 17c.
 18.  Other tax credits used by taxpayer on current year’s return (see instructions):
 (a)                     
 (b)                     
 (c)                     
 (d)                                                                     .......................................Total                             18.
 19.  Subtract line 18 from line 17c. If zero or less, enter zero ...................................................................             19.
 20.  Allowable credit for the current tax period. Enter the lesser of line 15 or line 19 here and in the 
 member’s column of Part I, Schedule A-3 of the CBT-100U ..............................................................                           20.
 21.  Amount of credit carryover to following year’s return (subtract line 20 from line 6) ............................                           21.

- 3 -

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 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 Grow New Jersey Assistance Tax Credit.

If the taxpayer received a paper tax credit certificate, the original 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 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 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 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.

- 4 -

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 13 – 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 18 – 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.

PDF file checksum: 4147325269

(Plugin #1/9.12/13.0)