Qualifying investment credit property. The credit is allowed for investment in new or used tangible personal property or other tangible property (including buildings and structural components of buildings) that: is acquired, constructed, reconstructed, or erected by the taxpayer after December 31, 1968; is depreciable under section 167 or section 168 of the IRC; has a useful life of four years or more; is acquired by purchase as defined in section 179(d) of the IRC; is located in New York State; and is one of the following types of property (see definitions below): manufacturing and production property retail enterprise property (see below) waste treatment property pollution control property research and development property
For more information see IT-212-I
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