FORM 324                                           New Jersey Corporation Business Tax
 2023                                  Business Employment Incentive Program 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 BEIP 
     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 the Available Credit
  3.  Enter the total approved BEIP credit amount as reported on the tax credit certificate(s) for the current tax year
      (a)                               
      (b)                               
      (c)                               
      (d)                                                                             .......................................... Total                                            3.
Part III        Calculation of the Allowable Credit Amount and Refund
                (Combined return filers DO NOT complete Part III. Continue with Part IV.)
  4.  Enter tax liability from page 1, line 2a of CBT-100 or CBT-100S ............................................................................                                4.
  5.  Other tax credits used by taxpayer on current year’s return (see instructions):
      (a)                               
      (b)                               
      (c)                               
      (d)                                                                             .......................................... Total                                            5.
  6.  Subtract line 5 from line 4. If zero or less, enter zero .............................................................................................                      6.
  7.  Allowable credit for the current tax period. Enter lesser of line 3 or line 6 here and in Schedule A-3, Part I of 
      CBT-100 or CBT-100S ............................................................................................................................................            7.
  8.  Amount of credit to be refunded (subtract line 7 from line 3). Enter here and in Schedule A-3, Part II of the 
      CBT-100 or CBT-100S ..........................................................................................................................................              8.
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 and Refund – Combined Return Filers ONLY
Section A – ALL Combined Return Filers
  9.  Enter the group tax liability from Schedule A, Section II, Part III, line 4a, column (c) of CBT-100U ......................                                       9.
 10.  Other tax credits used by combined group on current year’s return (see instructions):
     (a)                              
     (b)                              
     (c)                             
     (d)                                                                                                         .......................................... Total       10.
  11.  Subtract line 10 from line 9. If zero or less, enter zero ..........................................................................................             11.
 12.  Allowable credit for the current tax period. Enter the lesser of line 3 or line 11. If sharing, also enter in the 
 member’s column of Schedule A-3, Part I of the CBT-100U .................................................................................                              12.
If SHARING credit, complete line 13.
If NOT sharing credit, skip line 13 and complete Section B.
 13.  Amount of credit to be refunded (subtract line 12 from line 3). Enter here and in the member’s column of 
 Schedule A-3, Part II of the CBT-100U ..................................................................................................................               13.
Note: There is no carryover provision for this tax credit.
Section B – Combined Return Filers NOT Sharing Credit
 14.  a)  Enter combined group tax liability from line 9 ..........................................             14a.
   b)  Divide line 14a by the combined group allocation factor from 
       Schedule J, line 9 ..................................................................................... 14b.
   c)  Member’s share of combined group tax liability – Multiply line 14b by member’s allocation factor from 
       Schedule J, line 9 ............................................................................................................................................. 14c.
 15.  Other tax credits used by taxpayer on current year’s return (see instructions):
 (a)                                 
 (b)                                 
 (c)                                 
 (d)                                                                                                             ............................................ Total     15.
 16.  Subtract line 15 from line 14c. If zero or less, enter zero .......................................................................................               16.
 17.  Allowable credit for the current tax period. Enter the lesser of line 12 or line 16 here and in the member’s col-
 umn of Schedule A-3, Part I of the CBT-100U ........................................................................................................                   17.
 18.  Amount of credit to be refunded (subtract line 17 from line 3). Enter here and in the member’s column of 
 Schedule A-3, Part II of the CBT-100U ..................................................................................................................               18.

                                              Instructions for Form 324 
                            Business Employment Incentive Program 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. 34:1B-129 as amended by P.L. 2015, c. 
194 and P. L. 2016, c. 9. The credit is in lieu of an incentive grant based on a percentage of withholdings, and is equal to the full amount of 
the grant. In accordance with N.J.S.A. 34:1B-129(e), an approved tax credit shall be issued in the manner and for the amounts as follows 
and may only be applied in the tax period for which they are issued and cannot be carried forward.

If the credit exceeds the amount of tax liability otherwise due from a business that pays tax otherwise due under N.J.S.A. 54:10A-5, 
N.J.S.A. 54:18A-2 and N.J.S.A. 54:18A-3, N.J.S.A. 17:32-15, or N.J.S.A. 17B:23-5, that amount is refundable pursuant to N.J.S.A. 
34:1B-129(f). A business that does not pay taxes under N.J.S.A. 54:10A-5, N.J.S.A. 54:18A-2 and N.J.S.A. 54:18A-3, N.J.S.A. 17:32-15, or 
N.J.S.A.17B:23-5, may apply with the Executive Director of the Economic Development Authority for a tax credit transfer certificate.

If the taxpayer claims this credit on Form CBT-100, CBT-100U, or CBT-100S, a completed Form 324 must be included with the return to 
validate the claim.

Any amount of the credit that is in excess of the tax liability is refundable but must be taken prior to all other credits and payments. 

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.

Combined Return Filers
If filing a combined return, the 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 Business Employment Incentive Program Tax Credit.

A copy of the tax credit certificate and a copy of the completed Form 324 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
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 Refund (for CBT-100 and CBT-100S Filers only)
For CBT-100 and CBT-100S filers, the allowable Business Employment Incentive Program 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.

Line 5 – 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 Refund for Combined Return Filers
For CBT-100U filers, the total and allowable Business Employment Incentive Program 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.

Line 10 – 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 15 – 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.