341: New Jersey Aspire Program Tax Credit (2025)
New Jersey · NJ Division of Taxation · Used for tax years 2025
Form 341 is used to claim the New Jersey Aspire Program Tax Credit against Corporation Business Tax for qualifying commercial and residential real estate development projects with financing gaps. It calculates the available credit, the amount allowed for the current tax period, a
Who files this form
Complete Form 341 if you claim the New Jersey Aspire Program Tax Credit against Corporation Business Tax. Taxpayers who 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.
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?
For a combined return, the member that earned the credit must complete the form.
The instructions also require taxpayers to include the appropriate credit form in the year the credit was earned or the certificate was issued, even if they are not claiming the credit on that return.
What you'll need
You will need:
- A completed Form 341.
- A copy of the 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 credit information used in the calculation.
- The approved credit amount for the current privilege period or tax year, any prior-period credit carryover, and other tax credits already applied to your tax liability.
Combined return members that do not share their credit also need the group and member allocation factors from Schedule J, line 9.
How to file
- Complete Part I. If either qualification answer is “NO,” stop. You are not eligible for this credit.
- Complete Part II to calculate the available credit.
- If filing CBT-100 or CBT-100S, complete Part III. Enter the allowable credit from line 11 on Schedule A-3, Part I of your return.
- If filing CBT-100U, skip Part III and complete Part IV, Section A. Check the combined return filers box. If you are not sharing the credit, also fill in the nonsharing oval and complete Section B. Report the allowable credit from line 18 if sharing, or line 25 if not sharing, in the member’s column of Schedule A-3, Part I.
- Include the completed Form 341 with your CBT-100, CBT-100S, or CBT-100U return.
You must also mail a copy of the completed Form 341 and a copy of the 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 to the Division of Taxation.
Common mistakes
- Continuing after a “NO” answer in Part I. Both qualification answers must be “YES.”
- Not mailing the required documents. Failure to mail the certificate copy and completed Form 341 can delay or result in denial of the credit.
- Using Part III for a combined return. Combined return filers must use Part IV instead.
- Skipping Section A when not sharing a credit. All combined return filers must complete Section A. Nonsharing members must also complete Section B and fill in the nonsharing oval.
- Leaving out other credits already used. List credits already applied to the relevant tax liability on line 9, 16, or 23 so the maximum allowable credit is calculated accurately.
- Omitting the credit form because no credit is being claimed. The instructions require the appropriate credit form in the year the credit was earned or the certificate was issued, even if no credit is claimed.
Questions people ask
What projects is this credit for?
The credit is available for commercial and residential real estate development projects with financing gaps. The credit amount is a portion of the qualifying project’s cost.
Can I carry forward unused credit?
Yes. An original recipient can carry forward unused credit for seven years from the tax period for which the certificate was issued. A credit purchaser can carry it forward for five years from that tax period.
Can the credit reduce my tax below the minimum tax?
No. The credit cannot reduce tax liability below the statutory minimum tax. It also cannot be used against the Corporate Transit Fee.
Must a member share its credit with the combined group?
No. Members are not required to share their credits. A member that chooses not to share must complete both Sections A and B of Part IV and fill in the nonsharing oval at the top of the form.