26. a. A purchaser shall apply a credit awarded pursuant to sections 20 through 34 of P.L.2020, c.156 (C. 34:1B-288 through 34:1B-302) 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 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 credit’s approval. 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 sections 20 through 34 of P.L.2020, c.156 (C. 34:1B-288 through 34:1B-302) and any other credits allowed by law. The amount of a credit applied under sections 20 through 34 of P.L.2020, c.156 (C. 34:1B-288 through 34:1B-302) 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.2020, c.156, s.26; amended 2023, c.118, s.3.