FORM 323                                New Jersey Corporation Business Tax
 2022                       Residential Economic Redevelopment and Growth 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 Residential Economic Redevelopment and Growth 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 Available Credit
  3.  Enter the tax credit amount approved for the current privilege period or tax year by the Economic 
  Development Authority ...................................................................................................................... 3.

  4.  Residential Economic Redevelopment and Growth 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 this 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 privilege period or tax year. Enter the lesser of line 5 or line 8 here 
  and on Part I, Schedule A-3 of the 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 13 or line 5. 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 323
                             Residential Economic Redevelopment and Growth Tax Credit
Purpose of this Form 
This form must be completed by any taxpayer that claims a tax credit as provided for in N.J.S.A. 52:27D-489f as amended by P.L. 2015, c. 69, P. L. 
2015, c. 217, and P.L. 2015 c. 242. The credit is in lieu of an incentive grant based on such incremental revenue, and is equal to the full amount of the 
incentive grant for certain qualified development projects. In accordance with N.J.S.A. 52:27D-489f(b)(3)(e), N.J.S.A. 34:1B-209, and N.J.S.A. 34:1B-
209.3, the tax credit can be taken over a 10-year period at the rate of one-tenth of the total amount of the credit for each privilege period or tax year. If 
the taxpayer claims this credit on Form CBT-100, CBT-100U, CBT-100S, or BFC-1, a completed Form 323 must be included with the return to validate 
the claim.
Any amount of this tax credit that exceeds the final tax liability for any privilege period or tax year may be carried forward for 20 years. This credit is not 
refundable.
Parts III and IV are used to calculate the allowable credit and carryforward. 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 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 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 Residential Economic Redevelopment and Growth Tax Credit.
A copy of the tax credit certificate and a copy of the completed Form 323 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 Division 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 Residential Economic Redevelopment and Growth Tax Credit is calculated in Part III. Com-
bined 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 allowable Residential Economic Redevelopment and Growth 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 com-
pleted based on the member’s share of the group tax liability. 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.