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New Jersey Statutes, Title: 54, TAXATION
Chapter 10a:
Section: 54:10a-4.9: Use of alternative minimum assessment credit.
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.
This section added to the Rutgers Database: 2021-02-24 14:43:20.
Older versions of 54:10a-4.9 (if available):
Court decisions that cite this statute:
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