N.J. Admin. Code § 5:47-5.1
In the event that the total qualified projects seeking tax credits certified under the act exceed, or appear likely to exceed, the $ 20 million limit established under the act, or the total amount of funds available in any one fiscal year, if funds provided in previous years are available as provided in 5:47-6.3, the Department is required to establish by regulation the standards and procedures for determining which projects shall be determined to be qualified in order to ensure that the total tax credits allocated do not exceed the statutory limit. These procedures shall be used to rank projects as well as in the event that the number of approved projects exceeds the amount of assistance available, even if the total does not exceed the statutory limit. The Department will rank projects on the basis of factors set forth in 5:47-5.2, 5.3 and 5.4.
N.J. Admin. Code § 5:47-5.1