N.J.A.C. 18:3-2.18 - Tax Credit Memoranda Issued by Division

(a) No deduction from any tax payment for a tax credit claimed to be due is permitted until a tax credit memorandum has been secured from the Division of Taxation authorizing the credit.

(b) When a credit is authorized, the original and one copy of the memorandum is sent to the taxpayer. The original must be returned with the report which sets forth the credit as a deduction.

(c) Where a deduction has been made from a tax payment for a credit which has not been so authorized, or if a deduction has been made from a tax payment for an authorized credit without submitting the original tax credit memorandum with the report, an assessment will be levied for the amount deducted, plus penalty and interest as provided in the State Tax Uniform Procedure Law, N.J.S.A. 54:48-1 et seq.