The aggregate amount of credits shall be allocated by the Department of Economic Development among taxpayers in order of priority based upon the date of filing a complete application for allocation of life sciences research and development tax credit with such department. If the total amount of allocated credits applied for in any particular year exceeds the aggregate amount of tax credits allowed for such year under this section, such excess shall be treated as having been applied for on the first day of the subsequent year. In such instances, the credit may not be claimed until the return is filed for the taxpayer’s tax year that begins in the same year from which the credit allocation was issued.