What are the Criteria for the Investment Tax Credit?
Qualified property for the ITC is tangible property, including buildings and structural components of buildings, that is: • Depreciable pursuant to IRC § 167; • Acquired by purchase (which includes self-constructed assets); • Principally used by the taxpayer in the production of goods by manufacturing, processing, assembling, refining, mining, extracting, farming, agriculture, horticulture, floriculture, viticulture or commercial fishing; • Has a situs in New York; and • Has a useful life of four years or more. The investment credit base is the cost or other basis for federal income tax purposes of the qualified property as of the date it is placed in service, less any amount of non-qualified, non-recourse financing with respect to such property to the extent such financing would be excludible from the credit base pursuant to section 46(c)(8) of the Internal Revenue Code. The New York ITC is largely based on the federal regular investment credit under former IRC Section 46 and related
