Sec. 5-2.1. General

Tax Law, § 210(12)(a)

A taxpayer is allowed a credit against the tax imposed by article 9-A with respect to qualified tangible personal property and other tangible property, including buildings and structural components of buildings which were acquired, constructed, reconstructed or erected after December 31, 1968. The investment tax credit is allowed against the tax after the tax otherwise due has been reduced by the eligible business facility credit, the credit for sales and compensating use taxes on any catalytic, purifying or bleaching chemical agent and the credit for sales and compensating use taxes on tangible personal property used in industrial waste treatment or pollution abatement if such credits are claimed. (See: Subparts 5-1, 5-5 and 5-6 of this Title.) A taxpayer must claim the investment tax credit for the first taxable year in which the property becomes qualified property pursuant to section 5-2.2 of this Subpart. A taxpayer should submit a “Claim For Investment Tax Credit” (form CT-46) when claiming the credit.