337: Low Embodied Carbon Concrete Tax Credit (2024)
New Jersey · NJ Division of Taxation · Used for tax years 2024
Form 337 is used to claim the Low Embodied Carbon Concrete Tax Credit against New Jersey Corporation Business Tax. It reports the approved credit and prior-year carryforward and calculates the credit allowed for the current tax period and the amount carried forward.
Who files this form
Complete Form 337 if you claim the Low Embodied Carbon Concrete Tax Credit on Form CBT-100, CBT-100S, or CBT-100U.
The credit is available to producers of low embodied carbon concrete products or concrete incorporating carbon capture, utilization, and storage technology that either:
- Is delivered under a State contract, or a contract with a private firm that has contracted with the State, for at least 50 cubic yards of concrete; or
- Has received an approved environmental product declaration from the New Jersey Department of Environmental Protection.
To qualify, you must have Department of Environmental Protection approval for the credit and a tax credit certificate issued by the New Jersey Division of Taxation.
For a combined return, the member that earned the credit must complete Form 337. 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
Have these documents and figures ready:
- Your tax credit certificate, including the approved amount for the current tax year or privilege period.
- Your CBT-100, CBT-100S, or CBT-100U return and the tax liability figures requested on Form 337.
- Any credit carried forward from the prior year or privilege period.
- Details of other tax credits already applied to your tax liability.
- For CBT-100 and CBT-100S filers, New Jersey gross receipts and any applicable affiliated or controlled group payroll information used 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 include a completed Form 337 with your return. You must also mail copies of the tax credit certificate and completed Form 337 to the Division of Taxation.
How to file
- Complete Part I. Both qualification answers must be “YES” to continue. Check the box indicating that a copy of the certificate has been submitted to the Division of Taxation.
- Complete Part II by adding the approved current-period credit and any credit carried forward.
- If filing CBT-100 or CBT-100S, complete Part III. Enter the allowable credit on Schedule A-3, Part I of your return.
- If filing CBT-100U, mark the combined return filers box and complete Part IV, Section A instead of Part III. If you are not sharing the credit, also fill in the non-sharing oval and complete Section B. Report the allowable credit in the member’s column of Schedule A-3, Part I of CBT-100U.
- Include the completed Form 337 with your CBT-100, CBT-100S, or CBT-100U return.
Also mail a copy of your tax credit certificate and a copy of the completed Form 337 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 qualification answer is “NO,” you are not eligible and must not complete the rest of the form.
- Not mailing the required copies. Failure to mail the certificate and completed Form 337 can delay or cause denial of the credit.
- Leaving out the credit form because no credit is being claimed. The instructions require the appropriate credit form in the year the credit was earned, even if it is not claimed on the return.
- Completing the wrong calculation section. Combined return filers must use Part IV, not Part III. Members not sharing the credit must complete both Sections A and B.
- Omitting other credits already used. List credits already applied to the taxpayer’s, group’s, or member’s tax liability on the applicable line so the allowable credit is calculated correctly.
Questions people ask
When must I first take the credit?
You must first take the credit in the tax period in which the tax credit certificate is issued.
Can unused credit be carried forward?
Yes. Excess credit can be carried forward for up to seven privilege periods.
Can the credit reduce my tax below the minimum tax?
No. The credit cannot reduce tax liability below the statutory minimum tax. For a combined return member not sharing the credit, the Section B calculation cannot reduce tax liability below $2,000 and is also limited by the amount allowable against the group’s tax liability.
Must a combined return member share its credit?
No. Members may choose not to share. A member making that choice must fill in the non-sharing oval at the top of Form 337 and complete Part IV, Sections A and B.