334: Innovation Evergreen Fund Tax Credit (2024)

New Jersey · NJ Division of Taxation · Used for tax years 2024

Form 334 is used to claim the New Jersey Innovation Evergreen Fund Tax Credit against Corporation Business Tax. It calculates the available credit, the amount allowed for the current tax period, and any credit carried forward, with separate calculations for combined return filers

Who files this form

New Jersey Innovation Evergreen Fund Tax Credit recipients use Form 334 to claim the credit or a credit carryforward 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 program’s rules and limits.

To qualify, you must answer “YES” to both questions in Part I:

  • Have you been approved by the New Jersey Economic Development Authority to receive the credit?
  • Have you received a tax credit or credit transfer certificate issued by the New Jersey Division of Taxation?

Include the appropriate credit form in the year the credit was earned, even if you are not claiming the credit on your return. For a combined return, the member that earned the credit must complete Form 334.

What you'll need

Have these documents and figures available:

  • Your tax credit or credit transfer certificate showing the approved amount for the current privilege period or tax year.
  • Your CBT-100, CBT-100S, or CBT-100U return, including the tax liability figures used to calculate the credit.
  • The amount of any Innovation Evergreen Fund Tax Credit carried forward from the prior period.
  • Details of other tax credits already applied to the current year’s tax liability.
  • For CBT-100 and CBT-100S filers, New Jersey gross receipts and any applicable group payroll information needed to determine the minimum tax.
  • For combined return members not sharing the credit, the group and member allocation factors from Schedule J, line 9.

You must also mail a copy of the tax credit certificate and a copy of completed Form 334 to the Division of Taxation.

How to file

  1. Complete Part I to confirm eligibility. Check the box indicating that a copy of the certificate has been submitted to the Division of Taxation.
  2. Complete Part II with the approved current-period credit and any prior-period carryforward.
  3. If you file CBT-100 or CBT-100S, complete Part III. Enter the allowable credit on Schedule A-3, Part I of your return.
  4. If you file CBT-100U, complete Part IV, Section A instead of Part III. Check the combined return filers box. If you are not sharing the credit, also complete Section B and fill in the not-sharing oval. Report the allowable credit in the member’s column of Schedule A-3, Part I of CBT-100U.
  5. Include completed Form 334 with your CBT-100, CBT-100S, or CBT-100U return.

Mail a copy of the tax credit certificate and a copy of completed Form 334 to:

New Jersey Division of Taxation

CBT Refunds/Tax Credits

PO Box 259

Trenton, NJ 08695-0259

Common mistakes

  • Continuing after a “NO” answer in Part I. If either question 1 or 2 is answered “NO,” stop. You are not eligible for the credit.
  • Not mailing the required copies. Failure to mail the certificate and completed Form 334 can delay or result in denial of the credit.
  • Leaving out the credit form because no credit is being claimed. Include the appropriate credit form in the year the credit was earned, even if you are not claiming it on the return.
  • Using the wrong calculation section. Combined return filers must complete Part IV, not Part III. Members not sharing their credit must complete both Sections A and B.
  • Leaving out other credits already used. List them on line 9, 16, or 23, as applicable, so the allowable credit is calculated accurately.
  • Reducing tax below the minimum. This credit, together with other credits taken, cannot reduce tax liability below the applicable statutory minimum.

Questions people ask

Can unused credit be carried forward?

Yes. Excess credit can be carried forward for up to seven privilege periods.

Can this credit reduce my tax to zero?

The credit cannot reduce your tax liability below the statutory minimum tax.

Can I claim a credit that I purchased?

Yes. Taxpayers who purchased the credit through the Economic Development Authority tax benefit transfer program may claim it using Form 334. The applicable transfer program’s rules and limits still apply.

Must a combined return member share its credit?

No. A member may choose not to share. It must fill in the not-sharing oval and complete Part IV, Sections A and B.

Is including Form 334 with my return enough?

No. You must also mail a copy of the tax credit certificate and a copy of completed Form 334 to the Division of Taxation at the address listed above.

Official sources

All versions of 334