FORM 304                                               New Jersey Corporation Business Tax
 2023                                                  New Jobs Investment 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.  Has the taxpayer invested in property purchased for new or expanded business facilities that created at least 5 
  new jobs in New Jersey for small or mid-sized business taxpayers (50 for other taxpayers) with median income 
  of at least $56,000 for tax years beginning in 2023? (see instructions) ................................................................                                YES  NO
  2.  Has the average book value of all real and tangible personal property in New Jersey of the taxpayer increased 
  over the prior tax year?..........................................................................................................................................      YES  NO
  3.  Is the average employment of the taxpayer in New Jersey in the first tax year of the tax credit greater than that 
  of the prior tax year?..............................................................................................................................................    YES  NO
Note:   If the answer to any of the above questions is “NO,” do not complete the rest of this form. The taxpayer does not qualify for this tax credit. 
        Otherwise, go to Part II.
Part II  Calculation of the New Jobs Investment Tax Credit
         Note: All items pertain only to New Jersey factors. Refer to the specific line item instructions for Part II before completing this section.
  4.  Enter the amounts of the qualified investments made during the current tax year:
    (a) 3-year life                      x 0.35 .....................................................................................                         4a.
    (b) 5-year life                      x 0.70 .....................................................................................                         4b.
    (c) 7-year or more life                             x 1.00........................................................................                        4c.
  5.  Add lines 4a through 4c .............................................................................................................................   5.
  6.  (a) Enter the average New Jersey employment for this tax year...............................................................                            6a.
    (b) Enter the average New Jersey employment for last tax year...............................................................                              6b.
    (c) Subtract line 6b from line 6a.................................................................................................................        6c.
    (d) Divide line 6a by 2 ................................................................................................................................  6d.
    (e) Enter the number of eligible new jobs. (see instruction) ......................................................................                       6e.
    (f) Enter the lesser of lines 6c, 6d, or 6e....................................................................................................           6f.
  7.  New Jobs Factor (see instruction):
  (a)  Small or mid-sized business taxpayers divide line 6(f) by 5 with no remainder. Other taxpayers 
        divide line 6f by 50 with no remainder .................................................................................................              7a.
  (b)  For small or mid-sized business taxpayers, multiply line 7a by 0.01. For other taxpayers, multiply 
        line 7a by 0.005 ...................................................................................................................................  7b.
  (c)  For small or mid-sized business taxpayers, enter the lesser of 0.20 or line 7b. For other taxpayers, 
        enter the lesser of 0.10 or line 7b ........................................................................................................          7c.
  8.  Maximum annual credit – Multiply line 5 x line 7c x 0.20 ...........................................................................                    8.
  9.  Prior year qualified investment (see instruction)
    Enter the maximum annual credit as determined on line 8 of this form for:
  (a) First prior tax year ................................................................................................................................   9a.
    (b) Second prior tax year ............................................................................................................................    9b.
    (c) Third prior tax year ................................................................................................................................ 9c.
    (d) Fourth prior tax year ..............................................................................................................................  9d.
 10.  Total annual credit – Add line 8 and lines 9(a) through (d) .........................................................................                   10.

Name as Shown on Return                        Federal ID Number                           Unitary ID Number, if applicable
                                                                                           NU
Part III  Calculation of the Allowable Credit Amount
          (Combined return filers DO NOT complete Part III. Continue with Part IV.)
  11.  Compensation of all employees in New Jersey attributable to the qualified investment ........................................                                       11.
 12.  Total compensation of all employees in New Jersey ..............................................................................................                     12.
 13.  Divide line 11 by line 12 .......................................................................................................................................... 13.
 14.  Enter tax liability from page 1, line 2a of CBT-100 or CBT-100S............................................................................                          14.
 15.  Multiply line 14 by line 13 .......................................................................................................................................  15.
 16.  Enter the required minimum tax liability (see instructions) ..........................................................................................               16.
 17.  Subtract line 16 from line 15 ...................................................................................................................................    17.
 18.  Enter 50% of the reduced tax liability entered on line 15 .......................................................................................                    18.
 19.  Enter the lesser of line 17 or line 18 .......................................................................................................................       19.
 20.  Other tax credits used by taxpayer on current year’s return:
 (a)                                   
 (b)                                   
 (c)                                   
 (d)                                                                          .............................................Total                                           20.
 21.  Subtract line 20 from line 19. If zero or less, enter zero .........................................................................................                 21.
 22.  Allowable credit for the current tax period. Enter the lesser of line 10 or line 21 here and on Schedule A-3, 
 Part I of the CBT-100 or CBT-100S ........................................................................................................................                22.
 23.  Amount of credit available to be refunded (subtract line 22 from line 10).  ............................................................                             23.
 24.  Property taxes attributable to qualified investment (see instructions):
 (a) Property tax paid on new property or 
         Total N.J. property tax paid                             multiplied by line 13 .......................................................                            24a.
 (b) Imputed property tax on new property (15% of rent)                       or imputed property tax on all 
         rented property in N.J. (15% of rent)                               multiplied by line 13 ........................................                                24b.
 (c)  Add lines 24a and 24b ......................................................................................................................................         24c.
 25.  Enter 50% (.50) of line 24c .....................................................................................................................................    25.
 26.  Refund request. Enter the lesser of line 23 or line 25. Enter here and in Schedule A-3, Part II of the CBT-100 or 
 CBT-100S                                                                                                                                                                  26.
Note: There is no carryover provision for this tax credit.

Name as Shown on Return                       Federal ID Number                                                     Unitary ID Number, if applicable
                                                                                                                    NU
Part IV   Calculation of Allowable Credit Amount – Combined Return Filers ONLY
Section A – ALL Combined Return Filers
 27.  Compensation of all the member’s employees in New Jersey attributable to the qualified investment .................                                                 27.
 28.  Total compensation of all the member’s employees in New Jersey .......................................................................                              28.
 29.  Divide line 27 by line 28.......................................................................................................................................... 29.
 30.  Enter the group tax liability from Schedule A, Section II, Part III, line 4a column (c) of CBT-100U ........................                                        30.
 31.  Multiply line 30 by line 29 ....................................................................................................................................... 31.
 32.  Aggregate minimum tax of combined group members (see instructions) ...................................................................                              32.
 33.  Subtract line 32 from line 31 ...................................................................................................................................   33.
 34.  Enter 50% of the reduced tax liability entered on line 31 .......................................................................................                   34.
 35.  Enter the lesser of line 33 or line 34 .......................................................................................................................      35.
 36.  Other tax credits used by combined group on current year’s return (see instructions):
     (a)                              
     (b)                              
     (c)                              
     (d)                                                                                                         .......................................... Total         36.
 37.  Subtract line 36 from line 35. If zero or less, enter zero ........................................................................................                 37.
 38.  Allowable credit for the current tax period. Enter the lesser of line 10 or line line 37. If sharing, also enter in the 
 member’s column of Schedule A-3, Part I of the CBT-100U ..................................................................................                               38.
If SHARING credit, complete lines 39–42.
If NOT sharing credit, skip lines 39–42 and complete Section B.
 39.  Amount of credit available to be refunded (subtract line 38 from line 10).  ............................................................                            39.
 40.  Property taxes attributable to qualified investment (see instructions):
 (a) Property tax paid on new property or 
        Total N.J. property tax paid                       multiplied by line 29 .......................................................                                  40a.
 (b) Imputed property tax on new property (15% of rent)                                                          or imputed property tax on all 
        rented property in N.J. (15% of rent)                                multiplied by line 29 ........................................                               40b.
 (c)  Add lines 40a and 40b ......................................................................................................................................        40c.
 41.  Enter 50% (.50) of line 40c .....................................................................................................................................   41.
 42.  Refund request. Enter the lesser of line 39 or line 41 here and in the member’s column of Schedule A-3, Part II 
 of the CBT-100U .....................................................................................................................................................    42.
Section B – Combined Return Filers NOT Sharing Credit
 43.  a)  Enter combined group tax liability from line 30 .......................................               43a.
   b)  Divide line 43a by the combined group allocation factor from 
        Schedule J, line 9 .................................................................................... 43b.
   c)  Member’s share of combined group tax liability – Multiply line 43b by member’s allocation factor from 
        Schedule J, line 9 ....................................................................................                                                           43c.
 44.  Multiply line 43c by line 29......................................................................................................................................  44.
 45.  Enter the required minimum tax liability..................................................................................................................          45. 2,000
 46.  Subtract line 45 from line 44 ...................................................................................................................................   46.
 47.  Enter 50% of the reduced tax liability entered on line 44 .......................................................................................                   47.
 48.  Enter the lesser of line 46 or line 47 .......................................................................................................................      48.
 49.  Other tax credits used by taxpayer on current year’s return (see instructions):
     (a)                              
     (b)                              
     (c)                              
     (d)                                                                                                         .......................................... Total         49.
 50.  Subtract line 49 from line 48. If zero or less, enter zero .........................................................................................                50.
 51.  Allowable credit for the current tax period. Enter the lesser of line 38 or line 50 here and in the member’s 
 column of Schedule A-3, Part I of the CBT-100U ...................................................................................................                       51.
 52.  Amount of credit available to be refunded (subtract line 51 from line 10).  ............................................................                            52.
 53.  Property taxes attributable to qualified investment (see instructions):
 (a) Property tax paid on new property or 
        Total N.J. property tax paid                       multiplied by line 29 .......................................................                                  53a.
 (b) Imputed property tax on new property (15% of rent)                                                          or imputed property tax on all 
        rented property in N.J. (15% of rent)                                multiplied by line 29 ........................................                               53b.
 (c)  Add lines 53a and 53b ......................................................................................................................................        53c.
 54.  Enter 50% (.50) of line 53c .....................................................................................................................................   54.
 55.  Refund request. Enter the lesser of line 52 or line 54 here and in the member’s column of Schedule A-3, Part II 
 of the CBT-100U .....................................................................................................................................................    55.
Note: There is no carryover provision for this tax credit.

Name as Shown on Return                            Federal ID Number     Unitary ID Number, if applicable
                                                                         NU
Part V    Certification
The following certifications are required in accordance with N.J.S.A. 54:10A-5.9 of the New Jobs Investment Tax Credit Act.
  1.  For qualified investments made during the current tax year, the taxpayer certifies that the number of new jobs reported on line 6e of Part II, is a 
reasonable estimate of the number of new jobs directly attributable to the qualified investment; and
  2.  For qualified investments made in prior years for which a New Jobs Investment Tax Credit was claimed, the taxpayer certifies:
     (a) The new jobs factor for:                  the first prior year 
                                                   the second prior year 
                                                   the third prior year 
                                                   the fourth prior year 
     (b) The maximum annual tax credit for:        the first prior year 
                                                   the second prior year 
                                                   the third prior year 
                                                   the fourth prior year 
     (c) That the qualified investment property continues to be used in the business or has been disposed of after the expiration of its recovery period; 
       and
     (d) That the new jobs used in the calculation of the new jobs factor continue to qualify as eligible new jobs as defined for the purposes of this credit.

(Signature of Duly Authorized Officer of Taxpayer)                                                  (Date)
Note:  If the taxpayer is unable to make the above certifications, amended returns must be filed reflecting the correct new jobs factors and qualified 
       investments for all affected tax years.

                                                Instructions for Form 304 
                                                New Jobs Investment Tax Credit
The New Jobs Investment Tax Credit is available for investment in new or expanded business facilities that create new jobs in New Jersey. 
Investments that qualify for this tax credit must be placed in service or use during tax years beginning after July 7, 1993. The investment 
must create at least 5 new jobs (50 new jobs for large businesses) with a median annual compensation of the threshold amount estab-
lished for the particular tax year. Also, to claim this tax credit, the average book value of all real and tangible personal property in New Jer-
sey must have increased over the prior year.
The New Jobs Investment Tax Credit is taken in five equal annual installments. The annual credit cannot exceed 50% of that portion of the 
Corporation Business Tax liability that is attributable to and the direct result of the taxpayer’s qualified investment and cannot reduce the 
tax liability below the statutory minimum. Although there is no carryover provision for this tax credit, the amount of the unused annual credit 
may be refunded to the taxpayer subject to certain limitations. 
Parts III and IV are used to calculate the allowable credit and carryover. Taxpayers filing Forms CBT-100 or CBT-100S complete Part III 
and CBT-100U filers complete Part IV.

        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.

Definitions                                                                Qualified Investments are those real and tangible personal prop-
                                                                           erty investments purchased for business relocation or expansion in 
Expanded Business Facility means any business facility, other              New Jersey. Such investments include only:
than a new business facility, resulting from acquisition, construc-
tion, reconstruction, installation, or erection of improvements or         1. Improvements to real property placed in service or use during 
additions to existing property if such improvements or additions are       tax years beginning after July 7, 1993;
purchased during tax years beginning after July 7, 1993, but only          2. Tangible personal property with respect to which depreciation 
to the extent of a taxpayer’s qualified investment in such improve-        with a recovery period of three or more years is allowable;
ments or additions.
                                                                           3. Tangible personal property moved by the taxpayer into New 
New Business Facility means a business facility that:                      Jersey provided that the property has a remaining recovery 
a) Is employed by a taxpayer in the conduct of a business that is          period of three or more years.
subject to the New Jersey Corporation Business Tax Act, N.J.S.A.           Examples of qualified investments may not include:
54:10A-1 et seq. A business facility does not qualify if the taxpay-
er’s only activity with respect to such facility is to lease it to another 1. Property with respect to which the taxpayer’s only activity is to 
person;                                                                    lease it to another person;
b) Is purchased and placed in service or use during tax years be-          2. Repair costs, including materials used in the repair, unless for 
ginning after July 7, 1993;                                                federal income tax purposes, the cost of the repair must be 
                                                                           capitalized and not expensed;
c) Was not purchased by a taxpayer from a related person;
                                                                           3. Airplanes;
d) Was not in service or use during the 90-day period immediately 
prior to transfer of the title to the facility.                            4. Property primarily used outside New Jersey;
New Employee means a New Jersey resident, hired to fill a reg-             5. Property that is acquired incident to the purchase of the stock 
ular, permanent position that did not exist prior to the qualified         or assets of the seller;
investment, and would not exist but for the qualified investment.          6. Property for which the cost or consideration cannot be quanti-
The employee must be unrelated to the taxpayer and must not                fied with any reasonable degree of accuracy at the time such 
have been in its employ during the six months prior to the date that       property is placed in service or use.
the qualified investment is placed in service or use. Temporary or 
seasonal employees are not considered new employees for the                Small or Mid-Sized Business Taxpayer means a taxpayer 
purposes of this tax credit. The position held by the employee may         that has the following annual payroll and annual gross receipts 
be full time or part time. Full time means employment for at least         amounts:

140 hours per month at a wage not less than the State or federal           Tax Year             Payroll              Gross Receipts
minimum wage. Part time means customarily performing such du-              Beginning In
ties at least 20 hours per week for at least six months during the 
                                                                           2018         $6,899,800 or less        $13,799,850 or less
tax year. The hours of part-time employees shall be aggregated to 
determine the number of full-time equivalent jobs for the purposes         2019         $7,060,400 or less        $14,121,100 or less
of determining the number of eligible new jobs to be used in the           2020         $7,166,600 or less        $14,333,500 or less
computation of the new jobs factor. The taxpayer cannot claim a            2021         $7,277,800 or less        $14,555,900 or less
credit for the number of new employees that exceeds either the             2022         $7,709,850 or less        $15,420,050 or less
increase in the taxpayer’s average employment in New Jersey for            2023         $8,363,550 or less        $16,727,550 or less
the tax year, or one-half of the taxpayer’s average employment in 
New Jersey for the tax year. Also, individuals included in the deter-
mination of the Urban Enterprise Zone Employees Tax Credit or the 
Redevelopment Authority Project Tax Credit must be excluded in 
the determination of this tax credit.

Aggregate Annual Credit                                                   Part I – Qualifications
The aggregate annual credit allowed for a tax year is the sum of:         The taxpayer must meet the qualifications listed in Part I. If the an-
                                                                          swer to any of the questions is “no,” the taxpayer does not qualify 
1) One-fifth of the annual credit amount calculated for prior tax 
                                                                          for the tax credit. 
   years plus
                                                                          The 
2) One-fifth of the annual credit amount calculated for the current           median income for qualifying new jobs must meet the required 
                                                                          amount for each tax year. E.g., for a business required to create 50 
   tax year.
                                                                          qualifying jobs, 25 of those jobs must pay at least the required me-
This amount is calculated in Part II of Form 304.                         dian compensation amount. 
                                                                                              Tax Year
Tax Credit Limitations                                                                        Beginning In  Median Income of
The New Jobs Investment Tax Credit is allowed as a credit against                             2018          $46,350
that portion of the taxpayer’s Corporation Business Tax liability for                         2019          $47,400
the tax year that is attributable to and the direct result of the taxpay-                     2020          $48,100
er’s qualified investment and shall not reduce the tax liability for the 
                                                                                              2021          $48,800
tax year to an amount less than the required statutory minimum.
                                                                                              2022          $51,650
If any amount of the aggregate annual credit remains after the 
above limitations are applied, that amount may be refunded to the                             2023          $56,000
taxpayer. The amount of the refund cannot exceed 50% of the sum 
of the property taxes paid in the tax year and the implicit property      Part II – Calculation of the New Jobs Investment 
taxes paid through rent or lease payments that are attributable to        Tax Credit
and the direct result of the taxpayer’s qualified investment. If the 
taxpayer is unable to ascertain these amounts, the attributable           Line 4 – Classify property purchased by its depreciable life for fed-
property tax amounts shall be determined by multiplying the total         eral tax purposes.
New Jersey property taxes paid by a fraction, the numerator of            Line 6e –  The number of eligible new jobs must reflect the number 
which is the compensation paid to New Jersey employees whose              of new employees (see definitions) hired by the taxpayer during the 
positions are directly attributable to the qualified investment. The      tax year. To determine this number, the taxpayer should rank the 
denominator is all New Jersey compensation paid for the tax year.         new employees by annual compensation. If the middle employee’s 
If any credit for the tax year remains, the amount shall be forfeited.    annual compensation is less than the required median compen-
There is no carryover provision for this tax credit.                      sation of $56,000 for tax years beginning in 2023, then the lowest 
                                                                          ranking jobs should be deleted from the list until the middle employ-
                                                                          ee’s annual compensation is at least the required median compen-
Certification and Record Keeping                                          sation amount. If there are an even number on the list, the top half 
The taxpayer must certify for every year during the five-year period      must be greater than the required median compensation amount. 
of the credit that the number of new jobs created is as reported on       The final number of new employees on this list is the number of eli-
the current and prior year tax credit forms, and that the qualified       gible new jobs to be reported on line 6(e), Part II.
investment property has not been disposed of prior to the end of its      Line 7a –  Taxpayers who qualify as “small or mid-sized business 
depreciable life.                                                         taxpayers” (see definitions) must divide the amount on line 6(f) by 
The taxpayer must maintain sufficient records for each item of qual-      5. All other taxpayers must divide the amount on line 6(f) by 50.
ified property to establish:                                              Line 9 –  Report the maximum annual credit calculated for qualified 
1) Its identity;                                                          investments made in prior tax years. The appropriate amount can 
                                                                          be found on line 8 of the Form 304 that was filed for the particular 
2) Its actual or reasonably determined cost;                              tax year.
3) Its straight-line depreciation life;
4) The month and the tax year in which it was placed in service;          Part III – Calculation of the Allowable Credit 
5) The amount of credit taken; and                                        Amount (for CBT-100 and CBT-100S Filers only)
6) The date it was disposed of or otherwise ceased to be quali-           For CBT-100 and CBT-100S filers, the total and allowable New Jobs 
   fied property.                                                         Investment 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. The amount of this credit cannot exceed 50% of 
Specific Instructions for Form 304                                        that portion of the Corporation Business Tax liability that is attribut-
Combined Return Filers – If filing a combined return, this form           able to and the direct result of the taxpayer’s qualified investment 
must be completed by the member that earned the credit. All com-          and cannot reduce the tax liability below the statutory minimum.
bined return filers must check the combined return filers box at the      Line 11 – Include the compensation of employees attributable to all 
top of the form and complete Part IV, Section A.                          the qualified investments comprising the Aggregate Annual Credit 
Members Opting Not to Share. In general, tax credits are earned           on Part II, line 10.
by a member of the combined group and are shareable with the              Line 16 – The required minimum tax liability is as follows:
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.

          New Jersey Gross Receipts       CBT-100 CBT-100S                ments that were attributable to and the direct result of the member’s 
Less than $100,000                        $   500 $   375                 qualified  investment.  If  the  member  is  unable  to  ascertain  these 
                                                                          amounts, they will be determined by multiplying the total amount of 
$100,000 or more but less than $250,000      750       562                New Jersey property taxes paid and the total amount of implicit New 
$250,000 or more but less than $500,000   1,000        750                Jersey property taxes paid by the fraction that was determined on 
$500,000 or more but less than $1,000,000 1,500   1,000                   line 29.
$1,000,000 or more                        2,000   1,500                   Section B
                                                                          This section is used to calculate the amount of credit allowable for 
If a taxpayer is filing a separate return and is a member of an affil-
                                                                          members that choose not to share their credit with the group. Section 
iated or controlled group that has a total payroll of $5,000,000 or 
                                                                          B is completed based on the member’s share of the group tax liabili-
more for the return period, the minimum tax is $2,000. Tax periods 
                                                                          ty. The amount of the credit calculated in this section cannot exceed 
of less than 12 months are subject to the higher minimum tax if the 
                                                                          50% of the portion of the member’s share of the group tax liability 
prorated total payroll exceeds $416,667 per month.
                                                                          that is attributable to and the direct result of the member’s qualified 
Line 20 – Taxpayers claiming multiple credits must list any credits       investment and cannot reduce the tax liability to an amount less than 
already applied to the tax liability to ensure accuracy of the calcula-   $2,000. The amount of the credit is also limited to the amount that 
tion for maximum credit allowable.                                        would otherwise be allowed against the group tax liability if the mem-
Lines 23 through 26 – If any unused credit remains after applying         ber had been sharing the credit.
the limitations indicated above, the excess may be refunded to the        Line 49 – Members claiming multiple credits must list any credits 
taxpayer. The amount of the refund is calculated in this section.         already applied to the member’s tax liability to ensure accuracy of 
Lines 24a and 24b – Report the amount of property taxes paid              the calculation for maximum credit allowable.
and the amount of implicit property taxes paid through rent or lease      Lines 52–55 – See Section A instructions for lines 39–42 and lines 
payments that were attributable to and the direct result of the tax-      40a–40b.
payer’s qualified investment. If the taxpayer is unable to ascertain 
these amounts, they will be determined by multiplying the total 
amount of New Jersey property taxes paid and the total amount of          Part V – Certification 
implicit New Jersey property taxes paid by the fraction that was de-
termined on line 13.                                                      This section must be completed for each tax year during the five-
                                                                          year credit period for a qualified investment. If the taxpayer is 
The priorities set forth in this Corporation Business Tax form follow     unable to make the certifications, amended returns must be filed 
N.J.A.C. 18:7-3.17.                                                       reflecting the correct new jobs factors and qualified investments for 
                                                                          all affected tax years.
Part IV – Calculation of the Allowable Credit 
Amount for Combined Return Filers
For CBT-100U filers, the total and allowable New Jobs Investment 
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 mem-
ber does not exceed the amount that would otherwise be allowed  
against the group tax liability.
The amount of the credit calculated in this section cannot exceed 
50% of the portion of the group tax liability that is attributable to and 
the  direct  result  of  the member’s  qualified  investment  and  cannot 
reduce the tax liability to an amount less than the aggregate statutory 
minimum tax of the group members.
Line 27 – Include the compensation of employees attributable to all 
the qualified investments comprising the Aggregate Annual Credit on 
Part II, line 10.
Line 32 – Multiply the number of taxable group members by $2,000 
and enter the result.
Line 36 – 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.
Lines 39 through 42 – If any unused credit remains after applying 
the limitations indicated above, the excess may be refunded to the 
taxpayer. The amount of the refund is calculated in this section.
Lines 40a and 40b – Report the amount of property taxes paid and 
the amount of implicit property taxes paid through rent or lease pay-