280-20-20 R.I. Code R. § 14.4

Current through June 20, 2024

Section 280-RICR-20-20-14.4 - Basic Test

A. In order to qualify for this credit, the tangible personal property and other tangible property, including buildings and structural components of buildings must meet all of the following tests and therefore must:

1. be depreciable pursuant to 26 U.S.C. § 167 or recovery property with respect to which a deduction is allowable under 26 U.S.C. § 168;

2. have a useful life of three (3) years or more;

3. be acquired by purchase as defined in section 26 U.S.C. § 179(d);

4. have a situs in this state; and

5. be used principally for purposes of research and development in the experimental or laboratory sense.

280 R.I. Code R. § 280-RICR-20-20-14.4