324: Business Employment Incentive Program Tax Credit (2025)
New Jersey · NJ Division of Taxation · Used for tax years 2025
Form 324 is used to claim the Business Employment Incentive Program Tax Credit against New Jersey Corporation Business Tax. It reports the approved credit amount and calculates the allowable credit and any refundable amount, including for combined return filers.
Who files this form
Complete Form 324 if you 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 use this form, subject to the applicable transfer rules and limits.
To qualify, you must answer “YES” to both Part I questions:
- Do you have written approval from the New Jersey Economic Development Authority to receive a BEIP Tax Credit?
- Have you received a tax credit certificate or credit transfer certificate issued by 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 or the tax credit certificate was issued, even if they are not claiming the credit on that return.
What you'll need
Have these documents and details ready:
- Written approval from 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, including the tax liability and any other credits already applied.
- Your name as shown on the return, federal ID number, and unitary ID number, if applicable.
- For combined-return members not sharing the credit, the group and member allocation factors from Schedule J, line 9.
You must include a completed Form 324 with your return and mail a copy with the certificate.
How to file
- Complete Part I. If either answer is “NO,” stop. You are not eligible for this credit.
- Enter the approved credit amount from your certificate(s) in Part II.
- If filing CBT-100 or CBT-100S, complete Part III. If filing CBT-100U, skip Part III and complete Part IV, Section A. Members not sharing their credit must also complete Section B and fill in the non-sharing oval at the top.
- Report the allowable credit and refund on Schedule A-3 as directed by the form.
- Include the completed Form 324 with your CBT-100, CBT-100S, or CBT-100U return.
Also mail a copy of the completed Form 324 and a copy of the tax credit certificate or credit 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. The instructions warn that this will delay and/or result in denial of the credit claimed.
- Continuing after a “NO” answer in Part I. Both answers must be “YES” to qualify.
- 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 these on line 5, 10, or 15, as applicable, so the allowable credit is calculated correctly.
- Carrying unused credit forward. There is no carryforward provision for this credit.
- Applying the credit against the Corporate Transit Fee. The instructions prohibit this.
Questions people ask
How much is the credit?
The credit equals the amount reported on the tax credit certificate issued by the New Jersey Division of Taxation. It replaces an incentive grant and equals the full amount of that grant.
Can unused credit be refunded?
Yes. Credit exceeding the tax liability is refundable. There is no carryforward provision. The instructions state that the credit must be taken before all other credits and payments.
Must a combined-group member share its credit?
No. A member choosing not to share must fill in the non-sharing oval and complete Part IV, Sections A and B. Its allowable credit is also limited by the amount that would be allowed against the group’s tax liability.
Must I amend the return for the period the credit was issued for?
Not necessarily. The certificate holder or transferee may first use the credit for the tax period in which it was issued or a succeeding tax period without amending the return for the period for which it was issued, subject to the use periods described in the instructions.