N.J. Admin. Code § 19:31R-1.8

Current through Register Vol. 56, No. 12, June 17, 2024

Section 19:31R-1.8 - Cap on total credits

(a) The amount of credits approved by the Authority, in consultation with the Director, pursuant to P.L. 2013, c. 14 (N.J.S.A. 54A:4-13), shall not exceed a cumulative total of $ 35 million in any calendar year to apply against the tax imposed pursuant to section 5 at P.L. 1945, c. 162 (N.J.S.A. 54:10A-5) and the tax imposed pursuant to the New Jersey Gross Income Tax Act, N.J.S.A. 54A:1-1 et seq.

(b) If the cumulative amount of credits allowed to taxpayers in a calendar year exceeds the amount of credits available in that year, pursuant to (a) above, then any complete applications for which no tax credits have been allowed for that reason may be approved by the Authority and allowed, in the order in which their applications were completed, the amount of the tax credit on the first day of the next succeeding calendar year in which tax credits are not in excess of the amount of credits available.

Amended by R.2021 d.139, effective 12/6/2021.
See: 53 N.J.R. 1481(a), 53 N.J.R. 2072(c).
In (a), substituted "$ 35" for "$ 25".

Recodified from 19:31-19.8 56 N.J.R. 807(a), effective 5/6/2024