N.J. Admin. Code § 18:7-18.5

Current through Register Vol. 56, No. 21, November 4, 2024

Section 18:7-18.5 - Alternative minimum assessment credits

(a) If the alternative minimum assessment (AMA) for a taxpayer exceeds the amount of tax computed under N.J.S.A. 54:10A-5 for a privilege period, that excess amount shall be permitted to the taxpayer as a credit unless such taxpayer is also entitled to a credit pursuant to N.J.S.A. 54:10A-5b (for certain air carriers pursuant to 49 U.S.C. § 40102) .

(b) The credit may be carried forward to subsequent privilege periods, including periods when the AMA is no longer applicable, during which the tax pursuant to N.J.S.A. 54:10A-5 exceeds the AMA provided that:

1. The credit applied shall not reduce the amount of tax otherwise due to an amount less than the AMA for that period;

2. The credit applied shall not reduce the amount of tax otherwise due by more than 50 percent; and

3. The credit applied shall not reduce the amount of tax otherwise due below the statutory minimum set forth in 54:10A-5(e).

(c) If a corporation having AMA carryforward credits is liquidated or merged into another corporation, the carryforward credits are lost to the corporation that does not survive such reorganization.

N.J. Admin. Code § 18:7-18.5

Amended by 49 N.J.R. 1694(a), effective 6/19/2017