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.