311: Neighborhood Revitalization State Tax Credit (2024)
New Jersey · NJ Division of Taxation · Used for tax years 2024
Form 311 calculates the 2024 New Jersey Corporation Business Tax credit for approved assistance to a nonprofit organization for a qualified neighborhood preservation and revitalization project. It records the taxpayer’s qualifications, approved credit, and allowable credit, inclu
Who files this form
Taxpayers claiming the Neighborhood Revitalization State Tax Credit must complete Form 311. The instructions also require taxpayers to include the appropriate credit form for the year the credit was earned, even if they are not claiming it on their return.
To qualify, you must:
- Have received a tax credit certificate from the New Jersey Department of Community Affairs for funding a qualified neighborhood preservation and revitalization project.
- Have provided the assistance in the same year the certificate was issued.
For a combined return, the member that earned the credit must complete Form 311.
What you'll need
Have these documents and details ready:
- Your Department of Community Affairs tax credit certificate, including the approved credit amount.
- Your completed Form 311.
- Your CBT-100, CBT-100S, or CBT-100U return and the tax liability figures used to calculate the credit.
- Details of other tax credits already applied to your tax liability or the combined group's tax liability.
- Your name as shown on the return, Federal ID number, and Unitary ID number, if applicable.
Combined return members not sharing their credit also need the group and member allocation factors from Schedule J, line 9.
Copies of both the certificate and completed Form 311 must be mailed to the Division of Taxation.
How to file
- Complete Part I. Both qualification answers must be “YES” to continue.
- Complete Part II using the approved credit amount. Line 4 is the smaller of that amount or $1,000,000.
- If filing CBT-100 or CBT-100S, complete Part III and enter the allowable credit on Schedule A-3, Part I of your return.
- If filing CBT-100U, mark the combined return filers box and complete Part IV, Section A instead of Part III. If you are not sharing the credit, also fill in the non-sharing oval and complete Section B. Report the allowable credit in the member's column of Schedule A-3, Part I of CBT-100U.
- Include the completed Form 311 with your CBT-100, CBT-100S, or CBT-100U return.
Also mail a copy of the tax credit certificate and a copy of the completed Form 311 to:
New Jersey Division of Taxation
CBT Refunds/Tax Credits
PO Box 259
Trenton, NJ 08695-0259
Check the box in Part I to indicate that a copy of the certificate has been submitted to the Division of Taxation.
Common mistakes
- Continuing after a “NO” answer in Part I. If either qualification answer is “NO,” you do not qualify and should not complete the rest of the form.
- Skipping the separate mailing. Failure to mail copies of the certificate and completed Form 311 can delay or result in denial of the credit.
- Using the wrong calculation section. Combined return filers must use Part IV, not Part III. Section A is required even when the member is not sharing the credit.
- Leaving out other credits already applied. List them on line 6, 10, or 15, as applicable, so the allowable credit is calculated accurately.
- Expecting unused credit to carry forward. There is no carryforward provision. Unused credits are forfeited.
- Omitting the credit form because no credit is being claimed. The instructions require the appropriate credit form for the year the credit was earned, even if it is not claimed on the return.
Questions people ask
How much credit can I receive?
The credit may be up to 100% of approved assistance provided to a nonprofit organization for a qualified project. The maximum credit in any taxable year is $1,000,000. The allowable amount is also limited by the tax liability calculations in Part III or Part IV.
Can I carry unused credit into a later year?
No. This credit has no carryforward provision, and unused credits are forfeited.
Must a combined return member share its credit?
No. A member may choose not to share. It must fill in the non-sharing oval and complete both Sections A and B of Part IV.
Is including Form 311 with my return enough?
No. You must also mail copies of the tax credit certificate and completed Form 311 to the Division of Taxation at the address listed in the filing instructions above.
Who can I contact for additional information?
Contact the New Jersey Department of Community Affairs, Division of Housing and Community Resources, at (609) 633-6286.