343: Next New Jersey Program Tax Credit (2025)
New Jersey · NJ Division of Taxation · Used for tax years 2025
Form 343 is used to claim the Next New Jersey Program Tax Credit against New Jersey Corporation Business Tax. It calculates the available credit, the amount allowed for the current tax period, and any unused credit carried forward, with separate calculations for combined return f
Who files this form
Use Form 343 to claim the Next New Jersey Program Tax Credit against New Jersey Corporation Business Tax. The credit is available to eligible businesses primarily engaged in the artificial intelligence (AI) industry or large-scale AI data center industry.
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 use this form, subject to the applicable transfer rules and limitations.
For a combined return, the member that earned the credit must complete Form 343. Taxpayers must include the appropriate credit form in the year the credit was earned, even if they are not claiming the credit on their return.
What you'll need
Have these documents and details 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 over from the prior period.
- Your name as shown on the return, federal ID number, and unitary ID number, if applicable.
Combined return members that are not sharing their credit also need the group and member allocation factors from Schedule J, line 9.
You must include a completed Form 343 with your return. You must also mail copies of the signed certificate and completed Form 343 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 using the approved credit for the current period and any prior-period carryover.
- 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 the member is 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 343 with your CBT-100, CBT-100S, or CBT-100U return.
Mail a copy of the certificate, signed by all parties, and a copy of the completed Form 343 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. If either qualification answer is “NO,” stop. The taxpayer is not eligible for the credit.
- Not mailing the required documentation. Failure to mail the signed certificate and completed Form 343 can delay or result in denial of the credit.
- Using the wrong calculation section. Combined return filers must complete Part IV, not Part III. Members that do not share their credit must complete both Sections A and B.
- Leaving out 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, cannot reduce liability below the applicable statutory minimum. It cannot be used against the Corporate Transit Fee.
- Omitting the credit form because no credit is being claimed. The appropriate credit form must still be included in the year the credit was earned.
Questions people ask
Can unused credit be carried forward?
Yes. Any unused portion can be carried forward for up to 10 privilege periods.
Must a combined return member share its credit?
No. A member may choose not to share. It must fill in the non-sharing oval and complete Part IV, Sections A and B.
Can the original recipient transfer the credit?
Yes. The certificate holder may transfer the credit amount within three years after the date of issuance for use by the transferee. The original recipient must use the credit for the tax period in which it was issued.
Is there a limit on how much credit can be taken in one tax period?
Yes. No more than the total credit amount divided by the duration of the tax credit term, in years, may be taken in any tax period. The credit also cannot reduce tax liability below the statutory minimum.