New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 7 - CORPORATION BUSINESS TAX ACT
Subchapter 21 - COMBINED RETURNS
Section 18:7-21.14 - Conversion of the outstanding alternative minimum assessment credits

Universal Citation: NJ Admin Code 18:7-21.14
Current through Register Vol. 56, No. 18, September 16, 2024

For privilege periods beginning on and after January 1, 2019, 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 at P.L. 2002, c. 40 (N.J.S.A. 54:10A-5a) shall be allowed to use the credit to offset the combined group's tax liability pursuant to paragraph (1) of subsection c. of section 5 at P.L. 1945, c. 165 (N.J.S.A. 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 at P.L. 2002, c. 40 (N.J.S.A. 54:10A-5a) shall not reduce the combined tax liability below 50 percent of the tax owed by the group. The remaining balance of the credit may be carried over until used by the combined group.

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