**The New York R&D Tax Credit expired in December 2015, but they do offer an Investment Tax Credit, which is a business tax credit on purchases of buildings, machinery or equipment used to produce goods by manufacturing, processing assembling and other activities.
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.
Click here to find out if you qualify for the federal research credit.
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