§ 55:14K-109 — Tax credit purchaser, application, State tax liability, privilege period.

6. a. A purchaser shall apply a credit awarded pursuant to section 4 of P.L.2025, c.111 (C.55:14K-107) against the purchaser's State tax liability due pursuant to section 5 of P.L.1945, c.162 (C.54:10A-5), sections 2 and 3 of P.L.1945, c.132 (C.54:18A-2 and C.54:18A-3), section 1 of P.L.1950, c.231 (C.17:32-15), or N.J.S.17B:23-5 for the current privilege period as of the date of the approval of the credits. A purchaser may carry forward an unused credit resulting from the limitations of subsection b. of this section, if necessary, for use in the seven privilege periods next following the privilege period for which the credit is awarded. b. The director shall prescribe the order of priority of the application of the credits awarded under section 4 of P.L.2025, c.111 (C.55:14K-107) and any other credits allowed by law. The amount of a credit applied under section 4 of P.L.2025, c.111 (C.55:14K-107) against the tax imposed pursuant to section 5 of P.L.1945, c.162 (C.54:10A-5) for a privilege period, together with any other credits allowed by law, shall not reduce the tax liability of the purchaser to an amount less than the statutory minimum provided in subsection (e) of section 5 of P.L.1945, c.162 (C.54:10A-5). L.2025, c.111, s.6.