N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 5-1.2

Current through Register Vol. 46, No. 50, December 11, 2024

Section 5-1.2 - Qualified and nonqualified tangible personal property

(Tax Law, section 210-B(1)(b))

(a) The term "qualified tangible personal property" means tangible property that satisfies the requirements set forth in section 210-B(1)(b)(i).

(b) The term "nonqualified tangible personal property" means tangible personal property that is not qualified tangible personal property. It includes, but is not limited to, the following:

(1) Tangible personal property and other tangible property, including buildings, and structural components of buildings, that a corporation leases to any other person or corporation. For purposes of the preceding sentence, any contract or agreement to lease or rent or for a license to use such property will be considered a lease. However, in cases where production property is leased in form and the lessee is in fact the beneficial owner and entitled to take Federal depreciation on the property and the property qualifies, the lessee may be entitled to take the investment tax credit. The use of a qualified film production facility by a qualified production company is not considered a lease of that facility to that company.

(2) Retail equipment, office furniture, and office equipment.

(3) Excavating and road building equipment.

(4) Transportation equipment used on public roads.

(5) Property used to transport raw materials to the raw materials warehouse or finished goods to customers.

(6) Public warehouses used to store the corporation's goods.

(7) Property principally used in the production or distribution of electricity, natural gas after extraction from wells, steam, or water delivered through pipes and mains.

N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 5-1.2

Adopted New York State Register December 27, 2023/Volume XLV, Issue 52, eff. 12/27/2023