54:10A-4.9 Use of alternative minimum assessment credit.
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/nj/title-54/chapter-10a/54-10a-4-9·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
21. A combined group filing a combined return that has any outstanding alternative minimum assessment credit or credits at the time of the effective date of the repeal of section 7 of P.L.2002, c.40 (C.54:10A-5a) shall be allowed to use the credit to offset the combined group's tax liability under paragraph
(1)of subsection c. of section 5 of P.L.1945, c.165 (C.54:10A-5) for the group privilege period. The remaining balance of the credit carryovers of members of the combined group from prior to the effective date of the repeal of section 7 of P.L.2002, c.40 (C.54:10A-5a) shall not reduce the combined tax liability below 50% of the tax owed by the group. The remaining balance of the credit may be carried over until used by the combined group.
L.2018, c.48, s.21; amended 2020, c.118, s.7.