322: Wind Energy Facility Tax Credit (2025)
New Jersey · NJ Division of Taxation · Used for tax years 2025
Form 322 is used to claim the Wind Energy Facility Tax Credit against New Jersey Corporation Business Tax. It calculates the available credit, the amount allowed for the current tax period, and any unused credit carried forward, with separate calculations for combined return file
Who files this form
Complete Form 322 to claim the New Jersey Wind Energy Facility Tax Credit against Corporation Business Tax. Taxpayers who purchased the credit through the Economic Development Authority tax benefit transfer program may also use this form, subject to the applicable transfer rules.
For eligibility, Part I requires both a valid project agreement executed by the New Jersey Economic Development Authority and a tax credit certificate or credit transfer certificate issued by the New Jersey Division of Taxation.
The credit is for qualified wind energy facilities in New Jersey. The stated capital investment minimums are $50,000,000 for a business or $17,500,000 in the leased area for a qualifying tenant. New full-time employee requirements also apply.
Taxpayers must include the appropriate credit form in the year the credit was earned or the certificate was issued, even if they are not claiming the credit on that return.
What you'll need
Have these documents and figures ready:
- Your valid project agreement executed by the New Jersey Economic Development Authority.
- Your tax credit certificate or credit transfer certificate. The copy submitted by mail must be signed by all parties.
- Your CBT-100, CBT-100S, or CBT-100U return and completed Form 322.
- The approved credit amount for the current tax year and any credit carried forward from the prior year.
- Your tax liability and other credits already applied to it.
- If you are a tenant, total lease payments for occupancy in the qualified facility during the tax year or privilege period.
- For combined return members not sharing the credit, the group and member allocation factors from Schedule J, line 9.
How to file
- Complete Part I. If either qualification answer is “NO,” stop. You are not eligible for this credit.
- Complete Part II to add the current-year approved credit and the prior-year carryforward.
- CBT-100 and CBT-100S filers complete Part III. Combined return filers skip Part III and complete Part IV, Section A. Members not sharing their credit also complete Section B and fill in the non-sharing oval at the top of the form.
- Enter the allowable credit on Schedule A-3, Part I of the applicable return. For a combined return, use the member’s column.
- Include the completed Form 322 with your CBT-100, CBT-100S, or CBT-100U return.
You must also mail a copy of the completed Form 322 and a copy of the tax credit certificate or transfer certificate, signed by all parties, to:
New Jersey Division of Taxation
Grant and Credit Review Unit
PO Box 272
Trenton, NJ 08695-0272
Check the box in Part I to indicate that a copy of the certificate has been submitted to the Division of Taxation.
Common mistakes
- Not mailing the required documentation. Failure to mail the certificate copy and completed Form 322 can delay or cause denial of the credit.
- Continuing after a “NO” answer in Part I. Both qualification answers must be “YES.”
- Using the wrong calculation section. Combined return filers must use Part IV, not Part III. Members not sharing must complete both Sections A and B.
- Leaving out credits already applied. List those credits on line 8, 14, or 20, as applicable, so the allowable credit is calculated correctly.
- Omitting the credit form when no credit is claimed. The form is still required in the year the credit was earned or the certificate was issued.
- Applying this credit against the Corporate Transit Fee. The text specifically prohibits this.
Questions people ask
Can unused credit be carried forward?
Yes. An original recipient or tax credit purchaser can carry forward unused credit for 20 years from the tax period for which the certificate was issued, regardless of when the credit is first claimed.
Is a tenant’s credit limited by lease payments?
Yes. A tenant’s credit for a tax year or privilege period cannot exceed the lease payments for occupancy in the qualified wind energy facility for that period. The form also applies available-credit and tax-liability limits.
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 Part IV, Sections A and B.
Must I amend the return for the period the credit was issued for?
Not necessarily. A certificate holder or transferee may first use the credit for the tax period in which the certificate was issued or a succeeding tax period without amending the return for the period for which it was issued, subject to the stated credit-use limits.