New Jersey § 34:1b-294
Full text of New Jersey New Jersey Statutes § 34:1b-294, with citation guidance and answers to common questions.
§ 34:1b-294.
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 C.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 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 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 C.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 C.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 ).
Frequently Asked Questions About New Jersey § 34:1b-294
What does New Jersey Statutes § 34:1b-294 cover?
Section 34:1b-294 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 34:1b-294?
A common citation format is "New Jersey Statutes § 34:1b-294" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 34:1b-294 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.