344: NJHMFA Project Financing Tax Credit Program (2025)
New Jersey · NJ Division of Taxation · Used for tax years 2025
Form 344 is used to claim the NJHMFA Project Financing 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, with separate calculations for combined return filers.
Who files this form
Any taxpayer claiming an NJHMFA Project Financing Tax Credit against New Jersey Corporation Business Tax must complete Form 344. Taxpayers must also include the appropriate credit form for the year the credit was earned, even if they are not claiming the credit on that year's return.
To qualify, the taxpayer must have both:
- Approval from the New Jersey Housing and Mortgage Finance Agency to receive the credit.
- A tax credit certificate 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 344.
What you'll need
You will need:
- A completed Form 344 and the related CBT-100, CBT-100S, or CBT-100U return.
- A copy of the tax credit certificate or tax credit transfer certificate, signed by all parties.
- The approved credit amount for the current privilege period or tax year and any credit carried forward from the prior period.
- Tax liability, required minimum tax, and other tax credits already applied on the current return.
Combined return filers that do not share the 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. The taxpayer is not eligible for this credit.
- Complete Part II to calculate the available credit.
- CBT-100 and CBT-100S filers complete Part III. CBT-100U filers complete Part IV, Section A. Members not sharing their credit also complete Section B and fill in the non-sharing oval at the top of the form. All combined return filers must check the combined return filers box.
- Enter the allowable credit on Schedule A-3, Part I of the applicable return. For CBT-100U, use the member's column.
- Include the completed Form 344 with the CBT-100, CBT-100S, or CBT-100U return.
Also mail a copy of the completed Form 344 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 supporting documents. Failure to mail the signed certificate copy and completed Form 344 copy will delay or may result in denial of the credit.
- Leaving out the credit form because no credit is being claimed. The appropriate credit form must be included for the year the credit was earned.
- Completing the wrong calculation section. Combined return filers must use Part IV, not Part III. Non-sharing members must complete both Sections A and B.
- Omitting credits already applied. List them on line 9, 16, or 23, as applicable, so the allowable credit is calculated correctly.
- Using the credit beyond its limits. It cannot reduce tax below the statutory minimum or be used against the Corporate Transit Fee.
Questions people ask
Can unused credit be carried forward?
Yes. Excess credit can be carried forward for up to seven 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. A member may choose not to share. It must fill in the non-sharing oval and complete Part IV, Sections A and B.
Can tax credits be sold back to the state?
Yes. Taxpayers may sell back tax credits under the Division of Taxation tax credit purchase program. The form directs taxpayers to the Director's Tax Credit Purchase Program for more information.