335: Unit Concrete Products Tax Credit (2024)
New Jersey · NJ Division of Taxation · Used for tax years 2024
Form 335 calculates the 2024 New Jersey Corporation Business Tax credit for certified unit concrete products that use carbon footprint-reducing technology, including permeable pavement. It reports eligible purchases, the allowable credit for the current tax period, and any credit
Who files this form
Complete Form 335 if you are claiming the Unit Concrete Products Tax Credit on Form CBT-100, CBT-100U, or CBT-100S. You must also include the appropriate credit form in the year the credit was earned, even if you are not claiming the credit on that year's return.
To qualify, you must have purchased certified unit concrete products that use carbon footprint-reducing technology, including permeable pavement:
- On or after January 1, 2023.
- For exclusive use in New Jersey to construct or improve a residential dwelling or commercial building, or to replace an impervious surface with permeable pavement.
- In an amount of at least 100 square feet for each qualifying property.
You must have receipts verifying the purchases. For a combined return, the member that earned the credit must complete the form.
What you'll need
- Purchase receipts: Attach receipts verifying the eligible unit concrete products purchases.
- Property information: Provide each property's address and the square footage of eligible products purchased. Attach an additional sheet if you need more space.
- Tax return information: Use the applicable CBT-100, CBT-100S, or CBT-100U tax liability amounts and list other credits already applied. Combined return members not sharing their credit also need the group and member allocation factors from Schedule J, line 9.
- Prior-year credit carryforward: Enter any credit carried forward from the previous year on line 5.
The form also asks for the name shown on the return, federal ID number, and unitary ID number, if applicable.
How to file
Include the completed Form 335 and purchase receipts with your Corporation Business Tax return. The supplied text does not give a mailing address or electronic filing directions.
- Complete Part I. Both qualification answers must be “YES” to continue.
- Calculate the available credit in Part II. Enter eligible square footage, property addresses, and any prior-year carryforward.
- Complete the correct credit calculation. CBT-100 and CBT-100S filers use Part III. CBT-100U filers use Part IV, Section A. Members not sharing their credit must also complete Section B and fill in the not-sharing oval. All combined return filers must check the combined return filers box.
- Transfer the allowable credit to Schedule A-3, Part I of the applicable return. For CBT-100U, enter it in the member's column.
- Complete Part V. A duly authorized officer must sign and date the certification. This section is required for each tax year in which the credit is claimed.
Common mistakes
- Using the same amounts for another credit. Amounts used to calculate this credit cannot be used to calculate any other credit.
- Continuing after a “NO” answer in Part I. If either answer is “NO,” you are not eligible and must not complete the rest of the form.
- Omitting receipts. A completed Form 335 and receipts must be included with the return to validate the claim.
- Including a property with fewer than 100 square feet of eligible products. The instructions say not to include these properties.
- Exceeding the per-property limits. Do not enter more than $3,000 per residential property or $30,000 per commercial property.
- Using the wrong part for a combined return. Combined return filers must skip Part III and complete Part IV.
- Leaving out other credits already applied. These must be listed when calculating the maximum allowable credit.
- Reducing tax below the required minimum. This credit cannot reduce tax liability below the applicable statutory minimum.
Questions people ask
How much is the credit?
The credit is $2 per square foot of eligible products, up to $3,000 per residential property or $30,000 per commercial property. At least 100 square feet must be purchased for a property to qualify.
Can I carry forward unused credit?
Yes. Excess credit can be carried forward for up to seven privilege periods.
Must a combined return member share its credit?
No. A member may choose not to share. It must complete both Sections A and B of Part IV and fill in the not-sharing oval at the top of the form.
What does the certification confirm?
The taxpayer certifies that all eligible unit concrete products claimed on the form are for exclusive use in New Jersey. Part V must be completed each tax year the credit is claimed.