§ 210-B. Credits. 1. Investment tax credit (ITC). (a) A taxpayer\nshall be allowed a credit, to be computed as hereinafter provided,\nagainst the tax imposed by this article. The amount of the credit shall\nbe the percent provided for hereinbelow of the investment credit base.\nThe investment credit base is the cost or other basis for federal income\ntax purposes of tangible personal property and other tangible property,\nincluding buildings and structural components of buildings, described in\nparagraph (b) of this subdivision, less the amount of the nonqualified\nnonrecourse financing with respect to such property to the extent such\nfinancing would be excludible from the credit base pursuant to section\n46(c)(8) of the internal revenue code (treating such property as section\nthirty-eight property irrespective of whether or not it in fact\nconstitutes section thirty-eight property). If, at the close of a\ntaxable year following the taxable year in which such property was\nplaced in service, there is a net decrease in the amount of nonqualified\nnonrecourse financing with respect to such property, such net decrease\nshall be treated as if it were the cost or other basis of property\ndescribed in paragraph (b) of this subdivision acquired, constructed,\nreconstructed or erected during the year of the decrease in the amount\nof nonqualified nonrecourse financing. In the case of a combined report\nthe term investment credit base shall mean the sum of the investment\ncredit base of each corporation included on such report. The percentage\nto be used to compute the credit allowed pursuant to this subdivision\nshall be five percent with respect to the first three hundred fifty\nmillion dollars of the investment credit base, and four percent with\nrespect to the investment credit base in excess of three hundred fifty\nmillion dollars, except that in the case of research and development\nproperty at the option of the taxpayer the applicable percentage shall\nbe nine.\n (a-1) For a taxpayer that is an eligible farmer, as defined in\nsubdivision eleven of this section, the percentage to be used to compute\nthe credit allowed under this subdivision shall be twenty percent for\nproperty described in subparagraph (i) of paragraph (b) of this\nsubdivision that is principally used by the taxpayer in the production\nof goods by farming, agriculture, horticulture, floriculture or\nviticulture.\n (b) (i) A credit shall be allowed under this subdivision with respect\nto tangible personal property and other tangible property, including\nbuildings and structural components of buildings, which are: depreciable\npursuant to section one hundred sixty-seven of the internal revenue\ncode, have a useful life of four years or more, are acquired by purchase\nas defined in section one hundred seventy-nine (d) of the internal\nrevenue code, have a situs in this state and are (A) principally used by\nthe taxpayer in the production of goods by manufacturing, processing,\nassembling, refining, mining, extracting, farming, agriculture,\nhorticulture, floriculture, viticulture or commercial fishing, (B)\nindustrial waste treatment facilities or air pollution control\nfacilities, used in the taxpayer's trade or business, (C) research and\ndevelopment property, or (D) principally used in the ordinary course of\nthe taxpayer's trade or business as a broker or dealer in connection\nwith the purchase or sale (which shall include but not be limited to the\nissuance, entering into, assumption, offset, assignment, termination, or\ntransfer) of stocks, bonds or other securities as defined in section\nfour hundred seventy-five (c)(2) of the Internal Revenue Code, or of\ncommodities as defined in section four hundred seventy-five (e) of the\nInternal Revenue Code, (E) principally used in the ordinary course of\nthe taxpayer's trade or business of providing investment advisory\nservices for a regulated investment company as defined in section eight\nhundred fifty-one o
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