FORM 322                                          New Jersey Corporation Business Tax
  2023                                            Wind Energy Facility 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 a valid project agreement executed by the New Jersey Economic Development 
      Authority?  ....................................................................................................................................................    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 tax year ..                                       3.

  4.  Wind Energy Facility 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 2a of CBT-100 or CBT-100S .......................................................                      6.
  7.  If taxpayer is a tenant, enter the total lease payments made during the privilege period or tax year 
      for occupancy in the qualified wind energy facility. Otherwise, continue to line 8 ..............................                            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 6. If zero or less, enter zero .........................................................................           9.
  10.  Allowable credit for the current tax period. Tenants must enter the lesser of lines 5, 7, or 9 and 
      other taxpayers must enter the lesser of lines 5 or 9 here and on Schedule A-3, Part I of the 
      CBT-100 or CBT-100S ........................................................................................................................ 10.

  11.  Amount of credit carryforward to following year’s return (subtract line 10 from line 5) .......................                             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, Section II, Part III, line 4a, column (c) of CBT-100U ...                                    12.
 13.  If member is a tenant, enter the total lease payments made during the privilege period or tax year 
 for occupancy in the qualified wind energy facility. Otherwise, continue to line 14 ............................                                 13.
 14.  Other tax credits used by combined group on current year’s return (see instructions):
 (a)                      
 (b)                      
 (c)                     
 (d)                                                                                                ......................................Total   14.
 15.  Subtract line 14 from line 12. If zero or less, enter zero .....................................................................            15.
 16.  Allowable credit for the current tax period. Tenants must enter the lesser of lines 5, 13, or 15 and 
 other taxpayers must enter the lesser of lines 5 or 15. If sharing, also enter in the member’s 
 column of Schedule A-3, Part I of the CBT-100U ...............................................................................                   16.
If SHARING credit, complete line 17.
If NOT sharing credit, skip line 17 and complete Section B.
 17.  Amount of credit carryover to following year’s return (subtract line 16 from line 5) ............................                           17.
Section B – Combined Return Filers NOT Sharing Credit
 18.  a)  Enter combined group tax liability from line 12 ............................             18a.
   b)  Divide line 18a by the combined group allocation factor from 
       Schedule J, line 9 ........................................................................ 18b.
   c)  Member’s share of combined group tax liability – Multiply line 18b by member’s allocation factor 
       from Schedule J, line 9 .................................................................................................................. 18c.
 19.  If member is a tenant, enter the total lease payments made during the privilege period or tax year 
 for occupancy in the qualified wind energy facility. Otherwise, continue to line 20 ............................                                 19.
 20.  Other tax credits used by taxpayer on current year’s return (see instructions):
 (a)                     
 (b)                     
 (c)                     
 (d)                                                                                                .......................................Total  20.
 21.  Subtract line 20 from line 18c. If zero or less, enter zero ...................................................................             21.
 22.  Allowable credit for the current tax period. Tenants must enter the lesser of lines 16, 19, or 21 and 
 other taxpayers must enter the lesser of lines 16 or 21 here and in the member’s column of Sched-
 ule A-3, Part I of the CBT-100U ..........................................................................................................       22.
 23.  Amount of credit carryover to following year’s return (subtract line 22 from line 5) ............................                           23.

                                                    Instructions for Form 322 
                                             Wind Energy Facility Tax Credit
Purpose of this Form 
This form must be completed by any taxpayer that claims a tax credit as provided for in the Wind Energy Facility Tax Credit Act, N.J.S.A. 
34:1B-209.4. If the taxpayer claims this credit on Form CBT-100, CBT-100U, or CBT-100S, a completed Form 322 must be included with 
the return to validate the claim.

The credit is awarded to businesses for qualified wind energy facilities located in New Jersey. The business must have at least 
$50,000,000 in capital investments in a qualifying facility. A tenant of the business can qualify if there are at least $17,500,000 in capital 
investments made in the area being leased in the qualifying facilities. Additionally, a minimum number of new full-time employees who are 
subject to the New Jersey Gross Income Tax or are from a state that has reciprocity with New Jersey must have been hired that do not 
qualify for certain other tax credits as enumerated in N.J.S.A. 34:1B-209.4(3).

The tax credit is taken over the course of 5 years at the rate of one-fifth of the value of the total credit or 10 years at a rate of one-tenth 
of the value of the total credit for each accounting or privilege period starting with the period the business was approved by the EDA. The 
tax credit allowed for a tax period for a tenant cannot exceed the value of the lease payments for occupancy of the qualified wind energy 
facility. The credit amount for any tax period during which the documentation of a business’s credit amount remains unapproved will be 
forfeited, although credit amounts for the remainder of the years of the credit period remain available. 

The business cannot take a tax credit for the same capital and employees if the business receives assistance pursuant to the Business 
Retention and Relocation Assistance Act. If the business is allowed the credit, it will not be eligible for incentives authorized pursuant to the 
Municipal Rehabilitation and Economic Recovery Act.

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 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 Wind Energy Facility Tax Credit.

A copy of the tax credit certificate and a copy of the completed Form 322 must be submitted by mail to the New Jersey Division of Taxa-
tion, 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 and CBT-100S Filers 
only)
For CBT-100 and CBT-100S filers, the allowable Wind Energy Facility Tax Credit for the current tax period is calculated in Part III. Com-
bined return filers do not complete Part III, and must complete Part IV instead. 
For tenants, the amount of credit allowed for a privilege period or tax year to a taxpayer that is a tenant cannot exceed the total lease pay-
ments for occupancy in a qualified wind energy facility for that privilege period or tax year.

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 total and allowable Wind Energy Facility 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 member does not exceed the amount that would otherwise be allowed against 
the group tax liability.

For tenants, the amount of credit allowed for a privilege period or tax year to a taxpayer that is a tenant cannot exceed the total lease pay-
ments for occupancy in a qualified wind energy facility for that privilege period or tax year. 

Line 14 – 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 20 – 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.