FORM 323
                                         New Jersey Corporation Business Tax
 (10-21)
                            Residential Economic Redevelopment and Growth 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 Residential Economic Redevelopment and Growth 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 Residential 
  Economic Redevelopment and Growth 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 Available Credit
  4.  Enter the tax credit amount approved for the current privilege period or tax year by the Economic 
  Development Authority ...................................................................................................................... 4.

  5.  Residential Economic Redevelopment and Growth 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 this 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 privilege period or tax year. Enter the 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 carryforward to following year’s return (subtract line 10 from line 6) ......................                           11.

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 14 or line 6. 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.

                                                            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 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 Residential Economic Redevelopment and Growth Tax Credit.
If the taxpayer received a paper tax credit certificate, the original 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 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 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 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 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 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 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 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.