338: Historic Property Reinvestment (2025)

New Jersey · NJ Division of Taxation · Used for tax years 2025

Form 338 is used to claim the Historic Property Reinvestment Tax Credit against New Jersey Corporation Business Tax. It calculates the available credit, the amount allowed for the current tax period, and any credit carried forward, including for combined return filers.

Who files this form

Any taxpayer claiming the Historic Property Reinvestment Tax Credit against New Jersey Corporation Business Tax must complete Form 338. Taxpayers must also include the appropriate credit form in the year the credit was earned, even if they are not claiming the credit on that return.

To qualify, the taxpayer must have both:

  • Approval from the New Jersey Economic Development Authority to receive the credit.
  • A tax credit certificate or credit transfer certificate issued by the New Jersey Division of Taxation.

Taxpayers that purchased the credit through the Economic Development Authority tax benefit transfer program may also claim it using this form, subject to the applicable transfer rules and limits.

For a combined return, the member that earned the credit must complete Form 338.

What you'll need

Have these documents and figures ready:

  • Your tax credit certificate or credit transfer certificate, signed by all parties.
  • Your CBT-100, CBT-100S, or CBT-100U return, including the tax liability and other credits already applied.
  • The approved credit amount for the current privilege period or tax year and any credit carried forward from the prior period.
  • Information needed to determine your minimum tax, including New Jersey gross receipts and applicable group payroll information.

Combined return filers that are not sharing the credit also need the group and member allocation factors from Schedule J, line 9. An S corporation filing CBT-100S with its QSSS(es) uses the aggregate minimum tax from Schedule Q, Part I, line 1.

You must include a completed Form 338 with your return and separately mail copies of the completed form and signed certificate to the Division of Taxation.

How to file

  1. Complete Part I. If either qualification answer is “NO,” stop. You are not eligible for the credit.
  2. Complete Part II using the approved credit amount for the current period and any prior-period carryforward.
  3. If filing CBT-100 or CBT-100S, complete Part III and enter the allowable credit on Schedule A-3, Part I of your return.
  4. If filing CBT-100U, check 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. Enter the allowable credit in the member’s column of Schedule A-3, Part I of CBT-100U.
  5. Include the completed Form 338 with your CBT-100, CBT-100S, or CBT-100U return.

Also mail a copy of the completed Form 338 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

Common mistakes

  • Continuing after a “NO” answer in Part I. Both qualification answers must be “YES” to claim the credit.
  • Skipping the separate mailing. Failure to mail the completed form and signed certificate can delay or result in denial of the credit.
  • Leaving out the credit form in the year the credit was earned. The form must be included even if you are not claiming the credit on that return.
  • Using 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 and fill in the non-sharing oval.
  • Omitting other credits already applied. List those credits on line 9, 16, or 23, as applicable, so the allowable credit is calculated accurately.
  • Using the credit beyond its limits. It cannot reduce tax below the applicable statutory minimum or be used against the Corporate Transit Fee.

Questions people ask

What property can qualify for this credit?

A corporation may claim the credit for qualifying property individually listed, or located in a district listed, on the National Register of Historic Places or by the Pinelands Commission as a historic resource of significance to the Pinelands. The corporation must demonstrate that the rehabilitation project is not economically feasible and that a project financing gap exists without the credit.

Can unused credit be carried forward?

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

Can the credit reduce my tax to zero?

The credit cannot reduce tax liability below the statutory minimum tax. It also cannot be used against the Corporate Transit Fee.

Must a combined group member share its credit?

No. Members may choose not to share. A member making that choice must complete Part IV, Sections A and B, and fill in the oval at the top of the form indicating that it is not sharing the credit.

Can I claim a credit that I purchased?

Yes. Taxpayers that purchased the credit through the Economic Development Authority tax benefit transfer program may use Form 338 to claim it. They remain subject to the rules and limitations in the applicable credit transfer statute.

Official sources

All versions of 338