339: Emerge Program Tax Credit (2024)
New Jersey · NJ Division of Taxation · Used for tax years 2024
Form 339 calculates the Emerge Program Tax Credit for the 2024 New Jersey Corporation Business Tax. It reports the available credit, the amount allowed against current tax liability, and any credit carried forward, with separate calculations for combined return filers.
Who files this form
Complete Form 339 if you claim an Emerge Program Tax Credit against New Jersey Corporation Business Tax. 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 both:
- Approval from the New Jersey Economic Development Authority for the credit.
- A tax credit or credit transfer certificate issued by the New Jersey Division of Taxation.
For a combined return, the member that earned the credit must complete Form 339.
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 and applicable schedules.
- The amount of any Emerge Program Tax Credit carried forward from the prior period.
- Details of other tax credits already applied to your tax liability, or the combined group's tax liability.
- For CBT-100 and CBT-100S filers, New Jersey gross receipts and any applicable affiliated or controlled group payroll figures needed to determine minimum tax.
- For combined return members not sharing the credit, the group and member allocation factors from Schedule J, line 9.
You must mail a copy of the tax credit certificate and a copy of the completed Form 339 to the Division of Taxation.
How to file
- Complete Part I. If either qualification answer is “NO,” stop. You are not eligible for the credit.
- Complete Part II using the approved credit amount and any carryforward.
- 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 not-sharing oval at the top.
- Report the allowable credit on Schedule A-3, Part I of the applicable return. For a combined return, use the member's column.
- Include the completed Form 339 with your CBT-100, CBT-100S, or CBT-100U return.
Also mail a copy of the tax credit certificate and a copy of the completed Form 339 to:
New Jersey Division of Taxation
CBT Refunds/Tax Credits
PO Box 259
Trenton, NJ 08695-0259
Check the box in Part I to indicate that a copy of the certificate has been submitted to the Division of Taxation.
Common mistakes
- Continuing after a “NO” answer in Part I. Both qualification answers must be “YES” to claim the credit.
- Not mailing the required copies. Failure to mail the certificate and completed Form 339 can delay or result in denial of the credit.
- Leaving out the credit form in the year the credit was earned. The instructions require it even if you are not claiming the credit that year.
- 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 mark the not-sharing oval.
- Omitting other credits already applied. List them on line 9, 16, or 23, as applicable, so the allowable credit is calculated correctly.
- Reducing tax below the required minimum. This credit, together with other credits taken, cannot reduce tax below the applicable statutory minimum.
Questions people ask
What kinds of projects qualify for this credit?
The credit is available for projects that make a capital investment in an eligible incentive location and create or retain a certain number of full-time jobs. The credit amount depends on the project's location and the number of jobs created or retained.
Can unused credit be carried forward?
Yes. Excess credit can be carried forward for up to seven privilege periods.
Must a combined return 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 not-sharing oval at the top of the form.
Can the credit reduce my tax to zero?
No. The credit cannot reduce tax below the statutory minimum. For a combined return member not sharing the credit, Section B cannot reduce the member's tax liability below $2,000.
Can tax credits be sold back to the state?
Yes. The instructions say taxpayers may sell back tax credits under the Division of Taxation tax credit purchase program and refer taxpayers to the Director's Tax Credit Purchase Program for more information.