Elective treatment of certain property which qualifies for investment credit.
(g) Elective treatment of certain property which qualifies for investment credit.
(1)A taxpayer may elect to claim the investment credit on qualified property (see paragraph [c][1] of this section) in lieu of the elective modifications with respect to:#
(1) A taxpayer may elect to claim the investment credit on qualified property (see paragraph [c][1] of this section) in lieu of the elective modifications with respect to:
(i) air or water pollution control facilities in accordance with subsection (h) of section 612 of the Tax Law; or
(ii) research and development facilities in accordance with subsection (g) of section 612 of the Tax Law.
(1)(i)air or water pollution control facilities in accordance with subsection (h) of section 612 of the Tax Law; or#
(i) air or water pollution control facilities in accordance with subsection (h) of section 612 of the Tax Law; or
(1)(ii)research and development facilities in accordance with subsection (g) of section 612 of the Tax Law.#
(ii) research and development facilities in accordance with subsection (g) of section 612 of the Tax Law.
(2)Where a taxpayer elects to claim the modifications with respect to air or water pollution control facilities or research and development facilities, he may not claim the investment credit on such facilities.#
(2) Where a taxpayer elects to claim the modifications with respect to air or water pollution control facilities or research and development facilities, he may not claim the investment credit on such facilities.