General.
(a) General.
(1)For taxable years beginning on or after January 1, 1964, a taxpayer is provided an option to subtract from Federal adjusted gross income an amount not to exceed twice the amount of Federal depreciation on certain newly acquired depreciable#
(1) For taxable years beginning on or after January 1, 1964, a taxpayer is provided an option to subtract from Federal adjusted gross income an amount not to exceed twice the amount of Federal depreciation on certain newly acquired depreciable property (optional depreciation). See section 112.3(k) of this section for the applicable subtraction modification.
(2)Property which qualifies for the modification with respect to optional depreciation is described in section 612(g)(3) and (4) of the Tax Law.#
(2) Property which qualifies for the modification with respect to optional depreciation is described in section 612(g)(3) and (4) of the Tax Law. This modification is allowed only upon condition that any depreciation or amortization allowed with respect to the same property in determining Federal adjusted gross income for a taxable year is added to Federal adjusted gross income (see section 112.2[f] of this Part) for such taxable year. The total of all modifications under this section in any taxable year or years with respect to any property described in section 612(g)(3) of the Tax Law must not exceed its cost or other basis and, with respect to property described in section 612(g)(4) of the Tax Law which is used in a business carried on both within and without New York State, must not exceed its cost or other basis multiplied by a percentage of the excess of the taxpayer's business income over its business deductions which is allocated to New York State for the first year such modification is made. Such percentage shall be determined in accordance with the rules provided in section 132.15 of this Title.