(a) General. — The qualified manufacturing investment is the applicable percentage of the cost of property purchased for manufacturing investment, which is placed in service or use in this state, by the eligible taxpayer during the taxable year.
(b) Applicable percentage. — For the purposes of subsection (a) of this section, the applicable percentage for any property is determined under the following table:
If useful life is:The applicable percentage is:
4 years or more but less than 6 years 33 1/3
6 years or more but less than 8 years 66 2/3
8 years or more 100
The useful life of any property for purposes of this section is determined pursuant to the methods as the Tax Commissioner may require as of the date the property is first placed in service or use in this state by the taxpayer, determined as the Tax Commissioner may require.
(c) Placed in service or use. — For purposes of the credit allowed by this article, property is considered placed in service or use in the earlier of the following taxable years:
(1) The taxable year in which, under the taxpayer's depreciation practice, the period for depreciation with respect to the property begins; or