GIT-311: Neighborhood Revitalization State Tax Credit (2024)
New Jersey · NJ Division of Taxation · Used for tax years 2024
Form GIT-311 is used to claim the 2024 New Jersey Neighborhood Revitalization State Tax Credit against Gross Income Tax. It records your qualifications and calculates the allowable credit based on approved assistance and the tax attributable to income from the business that earne
Who files this form
Use Form GIT-311 to claim the Neighborhood Revitalization State Tax Credit against New Jersey Gross Income Tax for tax years beginning in 2024.
To qualify, you must:
- Have received a tax credit certificate from the New Jersey Department of Community Affairs for funding a qualified neighborhood preservation and revitalization project.
- Have provided the assistance in the same year the certificate was issued.
If you answer “No” to either qualification question, you are not eligible and should not complete the rest of the form.
What you'll need
Submit these documents together:
- A completed Form GIT-311.
- A cover letter requesting the credit, including your name, daytime phone number, and current mailing address.
- A copy of your New Jersey Income Tax return.
- A copy of the tax credit certificate.
To complete the form, have your Social Security number and your spouse’s or civil union partner’s Social Security number, if applicable, the business name shown on the certificate, and the business’s taxpayer identification number. The business taxpayer identification number is not printed on the certificate.
You will also need the eligible business income reported on Form NJ-BUS-1 and the gross income and tax figures from your New Jersey return.
How to file
- File your New Jersey Income Tax return first. You cannot claim this credit directly on Form NJ-1040, NJ-1040NR, or NJ-1041.
- Complete Part I of Form GIT-311 to confirm eligibility and identify the business.
- Complete Part II to calculate the allowable credit. On line 9, divide line 7 by line 8 and carry the result to 6 decimal places.
- Mail Form GIT-311, your cover letter, a copy of your filed return, and a copy of the tax credit certificate to:
New Jersey Division of Taxation
Grant & Credit Review Unit
Attn: Kelly R. Carman, Chief
PO Box 272
Trenton, NJ 08695-0272
Common mistakes
- Leaving out the certificate: The credit will be denied if you do not include a copy of the tax credit certificate. Check the box on the form showing that the copy is included.
- Claiming the credit on your income tax return: File the return first, then request the credit separately using Form GIT-311.
- Continuing after a “No” answer: If either qualification answer is “No,” stop. You are not eligible for the credit.
- Ignoring losses in the same income category: For line 7, reduce the eligible business’s income by any loss from another business in the same category of income.
- Expecting unused credit to carry forward: There is no carryover. Any unused credit is forfeited.
Questions people ask
How much credit can I claim?
Credits may be provided for up to 100% of approved assistance. The maximum credit in any tax year is $1,000,000, and it can only offset tax on income from the business that earned the credit. Your allowable credit is the lesser of line 6 or line 11.
Can I carry unused credit into another year?
No. There is no carryover provision, and unused credit is forfeited.
Must the assistance and certificate be from the same year?
Yes. You must have provided the assistance in the same year the certificate was issued.
Who can I contact for additional information?
Contact the New Jersey Department of Community Affairs, Division of Housing and Community Resources, at (609) 633-6286. Its listed mailing address is PO Box 811, 101 South Broad Street, Trenton, NJ 08625.