Meaning of the terms qualified property, qualified rehabilitated building, qualified rehabilitation expenditures and retail enterprise.

(1) Qualified property. For purposes of the investment credit allowed under this section, the term qualified property means tangible personal property and other tangible property, including buildings and structural components of buildings, which:

(i) is acquired, constructed, reconstructed or erected by the taxpayer after December 31, 1968;

(ii) is depreciable pursuant to section 167 of the Internal Revenue Code or is recovery property with respect to which a deduction is allowable under section 168 of the Internal Revenue Code;

(iii) has a useful life of four years or more;

(iv) is acquired by the taxpayer by purchase as defined in subsection (d) of section 179 of the Internal Revenue Code;

(v) has a situs in New York State; and

(vi) is 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.

(2) Qualified rehabilitated building. For purposes of the retail enterprise credit allowed under this section, the term qualified rehabilitated building means any qualified rehabilitated building as defined in section 48(g)(1) of the Internal Revenue Code which is located in New York State and employed by the taxpayer in the retail sales activity of a retail enterprise.

(3) For purposes of the retail enterprise credit allowed under this section, the term qualified rehabilitation expenditures means those expenditures defined in section 48(g)(2) of the Internal Revenue Code which are paid or incurred on or after June 1, 1981 with respect to a qualified rehabilitated building (see paragraph [2] of this subdivision).

(4) For purposes of the retail enterprise credit allowed under this section, the term retail enterprise means a taxpayer which is:

(i) a registered vendor under article 28 of the Tax Law (New York State Sales and Compensating Use Taxes);

(ii) primarily engaged in the retail sale, as such term is defined in section 526.6 of this Title, of tangible personal property; and

(iii) otherwise eligible for the Federal investment credit.