N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 9-1.1

Current through Register Vol. 46, No. 45, November 2, 2024

Section 9-1.1 - General Definitions

(Tax Law, section 210(1)(a)(vi) and 210(1)(b)(2))

For purposes of this Subpart, the following terms have the following meaning.

(a) "New York state adjusted basis" means the adjusted basis of such property for Federal income tax purposes at the close of the taxable year plus the accumulated amount of the Federal depreciation deductions disallowed under section 208(9)(b)(17) for such property (including the depreciation deductions for the current taxable year) minus the accumulated amount of the subtractions from Federal taxable income allowed under section 208(9)(a)(17) for such property (including the subtractions for the current taxable year).

(b) "Qualified manufacturing property" means tangible personal property and other tangible property, including buildings and structural components of buildings, owned by the corporation and principally used by the corporation or, in the case of a combined report, principally used by the corporation or another member of the combined group, in the production of goods by manufacturing, processing, assembling, refining, mining, extracting, farming, agriculture, horticulture, floriculture, viticulture or commercial fishing, that

(i) are depreciable pursuant to IRC section 167,

(ii) have a useful life of four years or more,

(iii) are acquired by purchase as defined in IRC section 179(d), and (iv) have a situs in New York State. It does not include tangible personal property and other tangible property qualifying under clauses (B) through (G) of section 210-B(1)(b)(i).

(c) "Goods" mean tangible movable personal property having intrinsic value.

(d) "Qualified manufacturing employees" means employees of the corporation or a member of a combined group who are engaged in manufacturing, processing, assembling, refining, mining, extracting, farming, agriculture, horticulture, floriculture, viticulture, or commercial fishing in New York.

N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 9-1.1

Adopted New York State Register June 8, 2016/Volume XXXVIII, Issue 23, eff. 6/8/2016

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