324: Business Employment Incentive Program Tax Credit (2024)
New Jersey · NJ Division of Taxation · Used for tax years 2024
Form 324 is used to claim the Business Employment Incentive Program Tax Credit on a 2024 New Jersey Corporation Business Tax return. It calculates the available credit, the amount allowed against tax liability, and any refundable balance, including for combined return filers.
Who files this form
Use Form 324 to claim the Business Employment Incentive Program (BEIP) Tax Credit against New Jersey Corporation Business Tax. Taxpayers who purchased the credit through the Economic Development Authority tax benefit transfer program may also claim it, subject to the applicable transfer rules and limits.
To qualify, you must answer “YES” to both Part I questions: you have written approval from the New Jersey Economic Development Authority and have received a tax credit certificate from the New Jersey Division of Taxation.
For a combined return, the member that earned the credit must complete the form. The instructions also require taxpayers to include the appropriate credit form in the year the credit was earned, even if they are not claiming it on their return.
What you'll need
- Written approval from the New Jersey Economic Development Authority to receive a BEIP Tax Credit.
- The tax credit certificate or certificates issued by the New Jersey Division of Taxation, showing the approved credit amount.
- Your CBT-100, CBT-100S, or CBT-100U return and the tax liability figures needed for the calculation.
- Details of other tax credits already applied to your tax liability, or to the combined group’s liability.
- For a combined return member not sharing the credit, the group and member allocation factors from Schedule J, line 9.
You must mail copies of the tax credit certificate and completed Form 324 to the Division of Taxation.
How to file
- Complete Part I. If either qualification answer is “NO,” stop. You are not eligible for this credit.
- Enter the approved credit amount from your certificate or certificates in Part II.
- If filing CBT-100 or CBT-100S, complete Part III. If filing CBT-100U, complete Part IV, Section A instead. Members not sharing their credit must also complete Section B and fill in the non-sharing oval.
- Enter the allowable credit and refund amounts in the appropriate parts of Schedule A-3, as directed on the form.
- Include the completed Form 324 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 324 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.
Common mistakes
- Continuing after a “NO” answer in Part I. Both qualification answers must be “YES.”
- Not mailing the required copies. Failure to mail the certificate and completed Form 324 can delay or result in denial of the credit.
- Using Part III for a combined return. Combined return filers must use Part IV and complete Section A, even if they are not sharing the credit. Non-sharing members must also complete Section B and fill in the non-sharing oval.
- Leaving out credits already applied. List those credits on line 5, 10, or 15, as applicable, to calculate the allowable credit accurately.
- Carrying unused credit forward. This credit has no carryover provision.
Questions people ask
How much is the BEIP credit?
The credit equals the amount reported on the tax credit certificate issued by the New Jersey Division of Taxation.
Can unused credit be refunded?
Yes. Any credit amount exceeding the tax liability is refundable. There is no carryforward provision.
Must a combined group member share its credit?
No. A member may choose not to share. It must complete Part IV, Sections A and B, and fill in the non-sharing oval at the top of the form.
Is attaching Form 324 to my return enough?
No. You must also mail copies of the completed Form 324 and tax credit certificate to the Division of Taxation at the address listed above.