340: Brownfields Redevelopment Incentive Program Tax Credit (2025)
New Jersey · NJ Division of Taxation · Used for tax years 2025
Form 340 calculates the Brownfields Redevelopment Incentive Program Tax Credit available and allowable against New Jersey Corporation Business Tax for 2025. It reports the approved credit amount and applies tax liability limits, with separate calculations for combined return file
Who files this form
Complete Form 340 if you claim the Brownfields Redevelopment Incentive Program Tax Credit against New Jersey Corporation Business Tax. Taxpayers must also include the appropriate credit form for the year the credit was earned, even if they are not claiming the credit on their return.
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?
Taxpayers who purchased the credit through the Economic Development Authority tax benefit transfer program may also claim it, subject to the applicable transfer rules and limits.
For a combined return, the member that earned the credit must complete Form 340.
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. The copy submitted to the Division of Taxation must be signed by all parties.
- Your CBT-100, CBT-100S, or CBT-100U return, including the tax liability figures needed for the calculation.
- Details of other tax credits already applied to your tax liability, or the combined group’s 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.
An S corporation filing CBT-100S with its QSSS(es) uses the aggregate minimum tax from Schedule Q, Part I, line 1.
How to file
- Complete Part I. If either qualification answer is “NO,” stop. You are not eligible for the credit.
- Enter the approved credit amount for the period covered by your return on Part II, line 3.
- If filing CBT-100 or CBT-100S, complete Part III and report the allowable credit on Schedule A-3, Part I.
- 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. Report the allowable credit in the member’s column of Schedule A-3, Part I.
- Include the completed Form 340 with your CBT-100, CBT-100S, or CBT-100U return.
Mail a copy of the tax credit 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
Check the box in Part I to indicate that a copy of the certificate has been submitted.
Common mistakes
- Not mailing the signed certificate. Failure to submit it by mail will result in delay and/or denial of the credit claimed.
- Completing the wrong calculation section. Combined return filers must use Part IV, not Part III. Section A is required even when a member does not share the credit.
- Leaving out other credits already used. List them on line 7, 13, or 19, as applicable, so the allowable credit is calculated accurately.
- Reducing tax below the minimum. This credit cannot reduce liability below the applicable statutory minimum tax and cannot be used against the Corporate Transit Fee.
- Carrying unused credit forward. There is no carryforward provision. Unused credit is forfeited.
- Omitting the credit form because no credit is claimed. The appropriate credit form must still be included for the year the credit was earned.
Questions people ask
What does this program cover?
The program compensates developers of redevelopment projects located on brownfield sites for remediation costs.
Can I claim a credit that I purchased?
Yes. Taxpayers who purchased the credit through the Economic Development Authority tax benefit transfer program may use Form 340, subject to the applicable credit transfer rules and limits.
Must a combined group member share its credit?
No. A member that chooses not to share must fill in the non-sharing oval and complete both Sections A and B of Part IV.
Can I carry unused credit into a later year?
No. Any unused credit amount is forfeited, and there is no carryforward provision.